Rivian Automotive (NASDAQ:RIVN) Trading 1.2% Higher – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 1.2% on Wednesday . The stock traded as high as $11.33 and last traded at $10.92. Approximately 9,685,268 shares were traded during trading, a decline of 74% from the average daily volume of 37,267,379 shares. The stock had previously closed at $10.79.

Analyst Ratings Changes

RIVN has been the topic of a number of research analyst reports. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Truist Financial upped their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird reissued a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three 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 data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Price Performance

The company’s 50 day simple moving average is $12.96 and its two-hundred day simple moving average is $12.32. 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 stock has a market capitalization of $12.57 billion, a P/E ratio of -2.35 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results 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 return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 275,357 shares of company stock worth $3,988,140. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the 3rd quarter valued at about $28,000. Hantz Financial Services Inc. boosted its stake in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $34,000. 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.