Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.6% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.6% during trading on Wednesday . The company traded as high as $11.69 and last traded at $11.61. 6,519,365 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 36,845,342 shares. The stock had previously closed at $11.20.

Analysts Set New Price Targets

RIVN has been the subject of a number of research reports. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $13.00 to $15.00 in a report on Friday, February 21st. Barclays increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Benchmark restated a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday. Finally, UBS Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Up 1.3 %

The business has a fifty day moving average price of $12.45 and a 200-day moving average price of $12.19. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $12.46 billion, a P/E ratio of -2.33 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock worth $2,735,619. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tandem Financial LLC bought a new stake in Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter valued at approximately $28,000. Orion Capital Management LLC bought a new position in Rivian Automotive in the 4th quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. boosted its position in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after buying an additional 1,932 shares during the period. 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.