Rivian Automotive (NASDAQ:RIVN) Shares Climb 5.8% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 5.8% during trading on Wednesday. The stock traded as high as $14.31 and last traded at $14.06. Approximately 41,933,849 shares traded hands during mid-day trading, an increase of 42% from the average daily volume of 29,461,844 shares. The stock had previously closed at $13.29.

Analyst Ratings Changes

A number of research firms have weighed in on RIVN. Morgan Stanley increased their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Friday, July 31st. Jefferies Financial Group raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Friday, October 30th. Citigroup assumed coverage on shares of Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 price target on the stock. Cantor Fitzgerald reduced their price target on shares of Rivian Automotive from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. Finally, UBS Group raised shares of Rivian Automotive from a “neutral” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Monday. Fifteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.50.

Rivian Automotive Price Performance

The firm has a fifty day simple moving average of $14.39 and a 200 day simple moving average of $15.45. The company has a market capitalization of $20.36 billion, a PE ratio of -6.25 and a beta of 1.64. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.70 and a current ratio of 2.18.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.16. Rivian Automotive had a negative return on equity of 69.68% and a negative net margin of 45.88%. The business had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same period in the prior year, the business earned ($1.08) EPS. The business’s revenue for the quarter was up 38.3% compared to the same quarter last year. Equities analysts anticipate that Rivian Automotive, Inc. will post -2.92 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire McDonough sold 8,023 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 819,178 shares in the company, valued at $13,106,848. This represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the sale, the insider directly owned 1,001,776 shares in the company, valued at approximately $15,026,640. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 51,167 shares of company stock valued at $788,306 over the last 90 days. 1.48% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. Independent Financial Group LLC purchased a new position in shares of Rivian Automotive in the first quarter worth $985,000. Baird Financial Group Inc. lifted its stake in shares of Rivian Automotive by 163.9% during the second quarter. Baird Financial Group Inc. now owns 289,693 shares of the electric vehicle automaker’s stock worth $5,026,000 after buying an additional 179,913 shares during the period. Mizuho Markets Americas LLC lifted its stake in shares of Rivian Automotive by 16.1% during the first quarter. Mizuho Markets Americas LLC now owns 683,024 shares of the electric vehicle automaker’s stock worth $10,280,000 after buying an additional 94,840 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Rivian Automotive during the second quarter worth $49,915,000. Finally, Clare Market Investments LLC purchased a new stake in shares of Rivian Automotive during the first quarter valued at $916,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer that designs, develops and produces all-electric trucks, sport utility vehicles and commercial delivery vans. The company focuses on vehicles intended for outdoor recreation, everyday transportation and fleet use, combining battery-electric powertrains with software and connected-vehicle technologies.

Rivian’s consumer vehicle lineup includes the R1T pickup truck and R1S sport utility vehicle. The company also develops electric commercial vans for business and delivery fleets, including vehicles produced through its relationship with Amazon.