Rivian Automotive Inc. (NASDAQ:RIVN) finished Thursday with a subtraction of -$0.68 to close at $19.64, a downside of -3.35 percent. An average of 22,847,980 shares of common stock have been traded in the last five days. There was a fall of -$1.31 in the past week, and it reached a new high 9 times over the past 12 months. The last 20 days have seen an average of 37,501,715 shares traded, while the 50-day average volume stands at 57,587,246.
RIVN stock has decreased by -27.66% in the last month. The company shares reached their 1-month lowest point of $19.48 on 08/24/23. With the stock rallying to its 52-week high on 07/27/23, shares of the company touched a low of $11.68 and a high of $40.86 in 52 weeks. It has reached a new high 10 times so far this year and achieved 6.57% or $1.21 in price. In spite of this, the price is down -51.93% from the 52-week high.
Insider Transactions
RIVN stock investors should be aware that Rivian Automotive Inc. (RIVN) stock had its last reported insider trading activity 78 days ago on Jun 08. In this transaction, the insider spent $49,699. Chief Accounting Officer, Baker Jeff, disposed of 20,000 shares at a price of $14.53 on Jun 06. The insider now owns more than $290,600 worth of shares. Prior to that, Chief Accounting Officer Baker Jeff went on to Sale 30,798 shares at $14.70 each on Jun 01. An amount of $452,764 was transacted.
Valuation Metrics
Rivian Automotive Inc. (RIVN) stock’s beta is 2.18. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 6.28, the price-to-book (PB) ratio at 1.58.
Financial Health
The quick ratio of Rivian Automotive Inc. for the three months ended June 29 was 4.70, and the current ratio was 5.70, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.23 and a total debt to equity ratio of 0.23 for the quarter ending June 29. Rivian Automotive Inc.’s EBITDA margin for the year ending June 29 is -374.49%. Its gross profit as reported stood at -$3.12 billion compared to revenue of $1.66 billion.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Rivian Automotive Inc.’s return on assets was -33.10%.
Earnings Surprise
For the three-month period that ended June 29, Rivian Automotive Inc. had $2.72 billion in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$1.2 billion in the quarter, while revenues of -$1.35 billion were shrunk -43.26%. The analyst consensus anticipated Rivian Automotive Inc.’s latest quarter earnings to come in at -$1.41 per share, but it turned out to be -$1.08, a 23.40% surprise. For the quarter, EBITDA amounted to -$1.06 billion. Shareholders own equity worth $948.14 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Rivian Automotive Inc. (RIVN) price momentum. RSI 9-day as of the close on 24 August was 27.72%, suggesting the stock is oversold, with historical volatility in this time frame at 36.93%.
As of today, RIVN’s price is $20.40 -6.25% or -$1.31 from its 5-day moving average. RIVN is currently trading -24.61% lower than its 20-day SMA and +26.87% higher than its 100-day SMA. However, the stock’s current price level is +28.79% above the SMA50 and -38.61% below the SMA200.
The stochastic %K and %D were 5.56% and 8.04%, respectively, and the average true range (ATR) was 1.32. With the 14-day stochastic at 2.56% and the average true range at 1.43, the RSI (14) stands at 35.74%. The stock has reached -0.69 on the 9-day MACD Oscillator while the 14-day reading was at -1.50.
Analyst Ratings
Exane BNP Paribas upgraded Rivian Automotive Inc. (NASDAQ: RIVN) to a an Outperform rating in its most recent analyst report. Previously, the stock was rated as a Neutral. The consensus rating for Rivian Automotive Inc. (RIVN) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell RIVN, while 9 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 2 analysts, while 12 others rate it as a “buy”.
What is RIVN’s price target for the next 12 months?
Analysts predict a range of price targets between $15.00 and $44.00, with a median target of $30.00. Taking a look at these predictions, the average price target given by analysts for Rivian Automotive Inc. (RIVN) stock is $28.48.
