Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s stock price shot up 2% during trading on Thursday . The stock traded as high as $13.36 and last traded at $13.16. 7,438,039 shares traded hands during trading, a decline of 81% from the average session volume of 40,008,410 shares. The stock had previously closed at $12.90.
Analyst Ratings Changes
Several research firms recently commented on RIVN. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price objective on shares of Rivian Automotive in a research note on Monday. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.09.
Rivian Automotive Price Performance
The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm’s fifty day moving average price is $14.68 and its two-hundred day moving average price is $12.32. The stock has a market capitalization of $13.26 billion, a PE ratio of -2.28 and a beta of 2.06.
Rivian Automotive (NASDAQ:RIVN – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -4.92 earnings per share for the current year.
Insider Buying and Selling at Rivian Automotive
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,830 shares of company stock valued at $7,872,145. Insiders own 2.30% of the company’s stock.
Institutional Trading of Rivian Automotive
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Price T Rowe Associates Inc. MD boosted its position in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the period. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth approximately $129,427,000. Finally, Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.
About Rivian Automotive
Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.