Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.5% on Monday . The company traded as high as $15.65 and last traded at $15.36. 19,468,574 shares changed hands during trading, a decline of 34% from the average daily volume of 29,627,283 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

Several analysts recently issued reports on RIVN shares. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $18.00 to $20.00 in a report on Monday, July 27th. Needham & Company LLC reaffirmed a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. Royal Bank Of Canada lifted their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Jefferies Financial Group boosted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Finally, BNP Paribas Exane upped their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Price Performance

The company has a market capitalization of $21.75 billion, a PE ratio of -5.82 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The stock’s 50 day simple moving average is $16.07 and its 200-day simple moving average is $15.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business posted ($0.97) earnings per share. The business’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire McDonough sold 13,144 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $16.29, for a total value of $244,350.00. Following the sale, the insider directly owned 1,016,776 shares in the company, valued at $16,563,281.04. This represents a 1.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 56,167 shares of company stock worth $963,306 over the last 90 days. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive during the fourth quarter worth approximately $27,000. MCF Advisors LLC increased its stake in Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,750 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in Rivian Automotive in the first quarter valued at approximately $39,000. MTM Investment Management LLC raised its holdings in Rivian Automotive by 115.0% during the fourth quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after purchasing an additional 1,150 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new stake in Rivian Automotive during the second quarter worth approximately $44,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.