Rivian Automotive (NASDAQ:RIVN) Shares Up 4.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 4.5% during trading on Wednesday . The stock traded as high as $12.02 and last traded at $11.97. 10,561,899 shares were traded during mid-day trading, a decline of 69% from the average session volume of 34,624,223 shares. The stock had previously closed at $11.45.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RIVN shares. Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Piper Sandler cut their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $13.00 to $10.00 in a report on Monday. Mizuho raised their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, February 21st. Finally, Sanford C. Bernstein began coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective on the stock. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.87.

Rivian Automotive Stock Up 1.0 %

The firm’s fifty day moving average is $13.42 and its 200 day moving average is $12.47. The firm has a market cap of $11.80 billion, a P/E ratio of -2.46 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,357 shares of company stock valued at $3,988,140 in the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive during the fourth quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive during the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the last quarter. Finally, American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.