Rivian Automotive (NASDAQ:RIVN) Trading 2.2% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2.2% during trading on Tuesday . The stock traded as high as $14.26 and last traded at $14.34. Approximately 18,638,684 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 32,342,822 shares. The stock had previously closed at $14.03.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research report on Monday, January 6th. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Barclays increased 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 report on Wednesday, January 22nd. Finally, Needham & Company LLC reduced their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Performance

The company has a market cap of $13.89 billion, a P/E ratio of -2.43 and a beta of 2.04. 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 stock’s 50-day moving average price is $13.59 and its 200 day moving average price is $12.54.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.7 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’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 sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,788 shares of company stock valued at $5,024,431 over the last 90 days. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. Finally, American Capital Advisory LLC boosted its stake in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares in the last quarter. Institutional investors and hedge funds 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.