Rivian Automotive (NASDAQ:RIVN) Trading 0.4% Higher – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.4% during trading on Wednesday . The company traded as high as $12.66 and last traded at $12.41. 9,674,164 shares were traded during trading, a decline of 74% from the average session volume of 36,749,474 shares. The stock had previously closed at $12.36.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of recent research reports. 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 research report on Wednesday, December 18th. Needham & Company LLC lifted their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. UBS Group raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Cowen started coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Performance

The stock has a market cap of $14.03 billion, a P/E ratio of -2.63 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’s 50 day moving average price is $12.30 and its 200-day moving average price is $12.15.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after purchasing an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $1,363,000. SG Americas Securities LLC grew its holdings in shares of Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after purchasing an additional 54,053 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $10,448,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $1,382,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.