Rivian Automotive (NASDAQ:RIVN) Shares Up 4.9% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 4.9% on Monday . The stock traded as high as $12.20 and last traded at $12.17. 10,165,248 shares changed hands during trading, a decline of 72% from the average session volume of 36,892,614 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

Several analysts have issued reports on RIVN shares. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a report on Friday, February 21st. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. 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 note on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued 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 $14.38.

Rivian Automotive Price Performance

The stock’s 50 day moving average price is $12.36 and its two-hundred day moving average price is $12.14. 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 firm has a market capitalization of $13.98 billion, a price-to-earnings ratio of -2.62 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued 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 company had revenue of $1.73 billion for 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, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock valued at $1,744,184 in the last 90 days. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RIVN. Dimension Capital Management LLC increased its stake in Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after acquiring an additional 819 shares during the period. Tradition Wealth Management LLC grew its holdings in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares in the last quarter. RFG Holdings Inc. increased its position in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after purchasing an additional 1,096 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Rivian Automotive by 4.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC lifted its position in Rivian Automotive by 4.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker’s stock worth $390,000 after purchasing an additional 1,164 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.