Rivian Automotive (NASDAQ:RIVN) Trading 2.7% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.7% during mid-day trading on Tuesday . The company traded as high as $15.15 and last traded at $15.01. Approximately 7,730,278 shares changed hands during trading, a decline of 82% from the average daily volume of 42,913,066 shares. The stock had previously closed at $14.61.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RIVN. DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, June 28th. Needham & Company LLC raised their price target on Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Morgan Stanley upped their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Piper Sandler reissued an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research note on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.92.

Rivian Automotive Trading Up 1.3 %

The firm’s 50-day moving average price is $13.82 and its 200-day moving average price is $12.54. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last announced 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). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value 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 approximately $16,374,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 485,716 shares of company stock worth $7,509,309. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive in the fourth quarter worth $26,000. Principal Securities Inc. purchased a new position in Rivian Automotive in the 4th quarter worth about $33,000. Arlington Trust Co LLC bought a new stake in Rivian Automotive during the 4th quarter valued at about $35,000. Fairman Group LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at about $36,000. Finally, Parkside Financial Bank & Trust grew its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares in the last quarter. 66.25% of the stock is owned by 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.