Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 3.6% during trading on Wednesday . The company traded as high as $11.69 and last traded at $11.61. Approximately 6,519,365 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 36,845,342 shares. The stock had previously closed at $11.20.

Analyst Ratings Changes

RIVN has been the subject of a number of research analyst reports. Barclays increased their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Mizuho dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Truist Financial lifted their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $14.64.

Rivian Automotive Price Performance

The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a 50 day moving average of $12.57 and a 200 day moving average of $12.21.

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

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’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 value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock valued at $63,055,000 after acquiring an additional 133,781 shares during the last quarter. SG Americas Securities LLC raised its stake in Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after acquiring an additional 54,053 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $1,382,000. Alberta Investment Management Corp purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $6,648,000. Finally, Illinois Municipal Retirement Fund raised its stake in Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after acquiring an additional 39,751 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.