Rivian Automotive Inc [NASDAQ: RIVN] loss -0.30% or -0.03 points to close at $10.10 with a heavy trading volume of 36880898 shares. The company report on April 2, 2024 at 8:30 AM that Rivian Releases Q1 Production Figures and Sets Date for First Quarter 2024 Results.
Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production and delivery totals for the quarter ending March 31, 2024. The company produced 13,980 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,588 vehicles during the same period.
Production and delivery results during the first quarter of 2024 were in line with Rivian’s expectations. For the full year 2024, management is reaffirming guidance for annual production of 57,000 total vehicles.
The daily chart for RIVN points out that the company has recorded -57.37% loss over the past six months.
If we look at the average trading volume of 43.16M shares, RIVN reached to a volume of 36880898 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Rivian Automotive Inc [RIVN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RIVN shares is $16.95 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RIVN stock is a recommendation set at 2.29. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Mizuho have made an estimate for Rivian Automotive Inc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on March 25, 2024. While these analysts kept the previous recommendation, Piper Sandler raised their target price from $15 to $21. The new note on the price target was released on March 15, 2024, representing the official price target for Rivian Automotive Inc stock. Previously, the target price had yet another raise to $16, while Jefferies analysts kept a Buy rating on RIVN stock. On February 26, 2024, analysts decreased their price target for RIVN shares from 26 to 11.
The Average True Range (ATR) for Rivian Automotive Inc is set at 0.69, with the Price to Sales ratio for RIVN stock in the period of the last 12 months amounting to 2.23. The Price to Book ratio for the last quarter was 1.07, with the Price to Cash per share for the same quarter was set at 9.58.
Trading performance analysis for RIVN stock
Rivian Automotive Inc [RIVN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.76. With this latest performance, RIVN shares dropped by -8.43% in over the last four-week period, additionally sinking by -57.37% over the last 6 months – not to mention a drop of -34.33% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIVN stock in for the last two-week period is set at 34.24, with the RSI for the last a single of trading hit 31.27, and the three-weeks RSI is set at 35.75 for Rivian Automotive Inc [RIVN]. The present Moving Average for the last 50 days of trading for this stock 12.87, while it was recorded at 10.47 for the last single week of trading, and 18.52 for the last 200 days.
Rivian Automotive Inc [RIVN]: A deeper dive into fundamental analysis
Rivian Automotive Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.90 and a Current Ratio set at 4.95.
Rivian Automotive Inc [RIVN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Rivian Automotive Inc posted -1.25/share EPS, while the average EPS was predicted by analysts to be reported at -1.59/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 21.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RIVN.
An analysis of Institutional ownership at Rivian Automotive Inc [RIVN]
The top three institutional holders of RIVN stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in RIVN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in RIVN stock with ownership which is approximately 5.8386%.
