Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1% on Friday . The stock traded as high as $11.69 and last traded at $11.60. 16,076,176 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 36,596,158 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

RIVN has been the subject of several analyst reports. UBS Group reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Wells Fargo & Company raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Needham & Company LLC increased their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Guggenheim dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.17.

Rivian Automotive Stock Up 1.0 %

The firm has a 50-day moving average of $11.91 and a two-hundred day moving average of $12.06. The stock has a market capitalization of $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 1.89. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for 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, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,237,044 in the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Dimension Capital Management LLC lifted its position in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 819 shares during the last quarter. Tradition Wealth Management LLC lifted its holdings in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 1.5% during the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after purchasing an additional 867 shares during the last quarter. RFG Holdings Inc. lifted its stake in shares of Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after acquiring an additional 1,160 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

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.