Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.7% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 4.7% on Friday . The company traded as high as $11.22 and last traded at $11.40. Approximately 8,332,510 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 36,816,648 shares. The stock had previously closed at $10.88.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, Guggenheim dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Up 5.7 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $12.45 and a 200-day simple moving average of $12.19. The company has a market cap of $13.00 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,735,619 over the last 90 days. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Rivian Automotive by 42.7% during 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 during the last quarter. SBI Securities Co. Ltd. acquired a new position in Rivian Automotive during the fourth quarter valued at $1,382,000. Alberta Investment Management Corp acquired a new position in Rivian Automotive during the fourth quarter valued at $6,648,000. Finally, Illinois Municipal Retirement Fund raised its position in Rivian Automotive by 36.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker’s stock valued at $1,974,000 after buying an additional 39,751 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.