In the latest trading session, 7.08 million Rivian Automotive Inc. (NASDAQ:RIVN) shares changed hands as the company’s beta touched 2.11. With the company’s most recent per share price at $23.93 changed hands at -$0.25 or -1.03% at last look, the market valuation stands at $22.62B. RIVN’s current price is a discount, trading about -66.36% off its 52-week high of $39.81. The share price had its 52-week low at $11.68, which suggests the last value was 51.19% up since then. When we look at Rivian Automotive Inc.’s average trading volume, we note the 10-day average is 22.68 million shares, with the 3-month average coming to 50.06 million.
Analysts gave the Rivian Automotive Inc. (RIVN) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.20. If we narrow down to specifics, the data shows that 0 out of 25 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 10 recommended RIVN as a Hold, 12 felt it is a Buy and 1 rated the stock as Underweight. Rivian Automotive Inc.’s EPS for the current quarter is expected to be -$1.32.
Rivian Automotive Inc. (NASDAQ:RIVN) trade information
Instantly RIVN was in red as seen in intraday trades today. With action 2.22%, the performance over the past five days has been green. The drop to weekly highs of 24.62 on Friday, 09/15/23 subtracted -1.03% to the stock’s daily price. The company’s shares are showing year-to-date upside of 29.84%, with the 5-day performance at 2.22% in the green. However, in the 30-day time frame, Rivian Automotive Inc. (NASDAQ:RIVN) is 14.22% up. Looking at the short shares, we see there were 86.26 million shares sold at short interest cover period of 2.54 days.
The consensus price target for the stock as assigned by Wall Street analysts is $28.36, meaning bulls need an upside of 15.62% from its recent market value. According to analyst projections, RIVN’s forecast low is $15.00 with $44.00 as the target high. To hit the forecast high, the stock’s price needs a -83.87% plunge from its current level, while the stock would need to tank 37.32% for it to hit the projected low.
Rivian Automotive Inc. (RIVN) estimates and forecasts
Data shows that the Rivian Automotive Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 83.94% over the past 6 months, a 20.98% in annual growth rate that is considerably higher than the industry average of 15.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Rivian Automotive Inc. will rise 15.90%, while the growth in revenue is estimated to hit 26.60% for the next quarter. Year-over-year growth is forecast to reach 160.50% up from the last financial year.
Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $1.31 billion. 18 analysts are of the opinion that Rivian Automotive Inc.’s revenue for the quarter ending Dec 2023 will be $1.23 billion. The company’s revenue for the corresponding quarters a year ago was $551.57 million and $663 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 137.80%. The estimates for the next quarter sales put growth at 85.50%.
The 2023 estimates are for Rivian Automotive Inc. earnings to increase by 67.80%.
Rivian Automotive Inc. is expected to release its next quarterly earnings report between November 07 and November 13.
Rivian Automotive Inc. (NASDAQ:RIVN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 12.00% of Rivian Automotive Inc. shares while 62.80% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 71.36%. There are 62.80% institutions holding the Rivian Automotive Inc. stock share, with Amazon.com, Inc. the top institutional holder. As of Jun 29, 2023, the company held 16.84% of the shares, roughly 158.36 million RIVN shares worth $2.64 billion.
Price (T.Rowe) Associates Inc holds the second largest percentage of outstanding shares, with 7.79% or 73.29 million shares worth $1.22 billion as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Price (T.Rowe) Growth Stock Fund Inc. and Vanguard Total Stock Market Index Fund. With 27.44 million shares estimated at $457.15 million under it, the former controlled 2.92% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.34% of the shares, roughly 22.04 million shares worth around $367.24 million.