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

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

Analysts Set New Price Targets

Several equities analysts have commented on RIVN shares. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 21st. TD Cowen initiated coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, Cowen initiated coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. 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. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $14.73.

Rivian Automotive Trading Up 1.3 %

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 business’s 50-day moving average price is $12.74 and its two-hundred day moving average price is $12.26. The company has a market capitalization of $12.16 billion, a P/E ratio of -2.28 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $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 SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 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 Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors acquired a new stake in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the 4th quarter valued at $123,308,000. Soma Equity Partners LP increased its stake in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after buying an additional 1,407,772 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after buying an additional 2,941,928 shares during the last quarter. 66.25% of the stock is currently 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.