Rivian Automotive (NASDAQ:RIVN) Trading Up 0.2% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 0.2% during trading on Monday . The company traded as high as $11.43 and last traded at $11.20. Approximately 7,377,089 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 37,428,633 shares. The stock had previously closed at $11.17.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RIVN. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Needham & Company LLC boosted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Finally, Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.73.

Rivian Automotive Price Performance

The company has a market capitalization of $12.18 billion, a PE ratio of -2.28 and a beta of 2.03. 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’s 50 day simple moving average is $12.96 and its 200-day simple moving average is $12.32.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Capital International Investors purchased a new position in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at $123,308,000. Northern Trust Corp lifted its holdings in Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after buying an additional 2,941,928 shares during the last quarter. Finally, Twinbeech Capital LP acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $29,944,000. 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.