Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 0.4% during mid-day trading on Wednesday . The company traded as high as $12.66 and last traded at $12.41. 9,674,164 shares traded hands during trading, a decline of 74% from the average session volume of 36,749,474 shares. The stock had previously closed at $12.36.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Barclays lifted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company lifted their target price 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. Finally, TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Down 4.7 %

The firm has a market cap of $14.03 billion, a P/E ratio of -2.63 and a beta of 2.03. The stock has a 50 day moving average of $12.30 and a 200 day moving average of $12.15. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last posted its 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities research analysts predict 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 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Capital International Investors purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the 4th quarter valued at about $123,308,000. Northern Trust Corp boosted its position in shares of 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 valued at $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. raised its position in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. 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.