Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 0.5% during trading on Monday . The stock traded as high as $10.94 and last traded at $10.81. Approximately 6,682,105 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 36,931,864 shares. The stock had previously closed at $10.75.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. TD Cowen started coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price on the stock. Barclays increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.64.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company’s 50 day moving average is $12.74 and its 200 day moving average is $12.25. The stock has a market cap of $12.47 billion, a price-to-earnings ratio of -2.34 and a beta of 2.03.

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

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The shares were 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 directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 185,427 shares of company stock worth $2,735,619. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tandem Financial LLC purchased a new stake in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its position in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $34,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.