Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.3% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 4.3% on Friday . The company traded as high as $14.29 and last traded at $14.27. Approximately 12,976,994 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 36,107,662 shares. The stock had previously closed at $13.68.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of analyst reports. TD Cowen initiated coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. UBS Group boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a “hold” rating on the stock. Finally, Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $13.99.

Rivian Automotive Stock Up 4.2 %

The stock has a fifty day moving average of $11.98 and a 200-day moving average of $12.35. The firm has a market capitalization of $16.12 billion, a price-to-earnings ratio of -3.02 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly 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. 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 for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the third quarter worth approximately $28,000. Nordea Investment Management AB lifted its position in Rivian Automotive by 12.1% in the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after buying an additional 6,817 shares in the last quarter. Green Alpha Advisors LLC boosted its stake in shares of Rivian Automotive by 15.4% during the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock valued at $823,000 after buying an additional 8,262 shares during the period. Claro Advisors LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $147,000. Finally, Oak Thistle LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $316,000. Hedge funds and other 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.