Rivian Automotive (NASDAQ:RIVN) Shares Up 1.8%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.8% during mid-day trading on Monday . The stock traded as high as $17.44 and last traded at $17.05. 9,095,538 shares were traded during trading, a decline of 79% from the average session volume of 44,162,711 shares. The stock had previously closed at $16.75.

Analyst Ratings Changes

Several brokerages recently issued reports on RIVN. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Barclays upped their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. DA Davidson upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Canaccord Genuity Group increased their price target 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and an average price target of $19.79.

Rivian Automotive Stock Performance

The stock’s 50-day moving average price is $12.66 and its 200-day moving average price is $12.71. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $17.14 billion, a P/E ratio of -2.97 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, equities analysts expect that Rivian Automotive, Inc. will post -4.95 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Insiders have sold a total of 414,287 shares of company stock worth $6,293,588 in the last ninety days. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the stock. SteelPeak Wealth LLC acquired a new position in shares of Rivian Automotive in the 1st quarter worth approximately $265,000. Trust Point Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $246,000. Sapient Capital LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $330,000. Gradient Investments LLC grew its stake in shares of Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after purchasing an additional 1,034 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Rivian Automotive by 36.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock worth $8,752,000 after purchasing an additional 101,039 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.