Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.2%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 4.2% during mid-day trading on Monday . The stock traded as high as $16.09 and last traded at $16.05. 14,659,871 shares were traded during mid-day trading, a decline of 61% from the average session volume of 37,183,609 shares. The stock had previously closed at $15.40.

Analyst Ratings Changes

Several research analysts recently commented on RIVN shares. Canaccord Genuity Group upped their price target on shares of Rivian Automotive from $40.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Truist Financial raised their target price on Rivian Automotive from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. UBS Group upgraded Rivian Automotive from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $26.00 to $24.00 in a research report on Tuesday, October 10th. Mizuho lifted their price objective on Rivian Automotive from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Piper Sandler increased their target price on Rivian Automotive from $14.00 to $22.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.95.

Rivian Automotive Price Performance

The firm’s fifty day moving average price is $19.79 and its two-hundred day moving average price is $19.22. The company has a current ratio of 4.61, a quick ratio of 3.64 and a debt-to-equity ratio of 0.26.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 7th. The electric vehicle automaker reported ($1.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.17. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Rivian Automotive had a negative net margin of 148.97% and a negative return on equity of 42.17%. The company’s quarterly revenue was up 149.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.57) EPS. As a group, research analysts predict that Rivian Automotive, Inc. will post -5.86 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,265 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $24.24, for a total value of $79,143.60. Following the transaction, the chief financial officer now directly owns 173,030 shares of the company’s stock, valued at $4,194,247.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Fifth Third Bancorp boosted its stake in shares of Rivian Automotive by 0.9% during the 2nd quarter. Fifth Third Bancorp now owns 45,078 shares of the electric vehicle automaker’s stock worth $751,000 after acquiring an additional 400 shares during the last quarter. Eaton Vance Management raised its holdings in Rivian Automotive by 6.8% in the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares during the period. Gould Capital LLC lifted its position in Rivian Automotive by 32.6% during the second quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 500 shares in the last quarter. D.A. Davidson & CO. grew its holdings in Rivian Automotive by 9.1% during the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares during the period. Finally, Nissay Asset Management Corp Japan ADV increased its position in Rivian Automotive by 1.6% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after buying an additional 577 shares in the last quarter. 62.79% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and seven-passenger sports utility vehicles. It provides Rivian Commercial Vehicle platform for Electric Delivery Van with collaboration with Amazon.com, Inc The company sells its products directly to customers in the consumer and commercial markets.