Rivian Automotive (NASDAQ:RIVN) Trading 0.2% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 0.2% during trading on Monday . The company traded as high as $11.43 and last traded at $11.20. Approximately 7,377,089 shares changed hands during trading, a decline of 80% from the average daily volume of 37,428,633 shares. The stock had previously closed at $11.17.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. TD Cowen started coverage on Rivian Automotive in a research note on Friday. They issued a “hold” rating and a $12.70 target price for the company. Cowen started coverage on shares of Rivian Automotive in a research report on Thursday. They issued a “hold” rating for the company. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company 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 lowered their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Wells Fargo & Company upped their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Stock Performance

The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of -2.32 and a beta of 2.03. The stock has a 50 day simple moving average of $13.06 and a 200 day simple moving average of $12.36. 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 released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive 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 value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock worth $3,988,140 in the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tandem Financial LLC acquired a new position in Rivian Automotive during the 4th quarter valued at about $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive during the third quarter worth approximately $28,000. Hantz Financial Services Inc. raised its holdings 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 worth $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Rivian Automotive in the fourth quarter worth approximately $34,000. 66.25% of the stock is currently owned by 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.