Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 1.8% on Thursday . The company traded as high as $16.18 and last traded at $16.01. Approximately 17,284,149 shares traded hands during trading, a decline of 44% from the average session volume of 30,696,871 shares. The stock had previously closed at $15.73.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BNP Paribas Exane upped their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Tuesday, July 28th. Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. TD Cowen increased their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.95.

Rivian Automotive Trading Up 1.8%

The stock has a market capitalization of $23.18 billion, a P/E ratio of -6.21 and a beta of 1.61. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $16.47 and a two-hundred day moving average price of $15.80.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.19. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.Rivian Automotive’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.97) earnings per share. On average, analysts expect that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 13,144 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the transaction, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. The trade was a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 75,985 shares of company stock worth $1,241,226 over the last ninety days. Corporate insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $220,323,000. Renaissance Technologies LLC grew its position in Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after acquiring an additional 4,012,386 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Rivian Automotive in the 2nd quarter worth about $49,915,000. Capital International Investors increased its holdings in Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Rivian Automotive by 496.6% in the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.