Rivian Automotive (NASDAQ:RIVN) Trading Up 1.1% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.1% during mid-day trading on Friday . The company traded as high as $10.81 and last traded at $10.73. 6,067,590 shares were traded during trading, a decline of 84% from the average session volume of 37,136,337 shares. The stock had previously closed at $10.61.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Wells Fargo & Company lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Finally, Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.73.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average price of $12.74 and a 200-day moving average price of $12.26. The firm has a market capitalization of $12.16 billion, a price-to-earnings ratio of -2.28 and a beta of 2.03.

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

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 203,928 shares of company stock worth $3,013,134 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter worth $28,000. Hantz Financial Services Inc. increased its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $34,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.