Rivian Automotive (NASDAQ:RIVN) Trading Up 7.3% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 7.3% during mid-day trading on Tuesday . The company traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent analyst reports. Barclays upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Mizuho reduced their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Truist Financial boosted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Price Performance

The company has a market capitalization of $14.86 billion, a price-to-earnings ratio of -2.79 and a beta of 2.03. The business has a fifty day moving average price of $12.22 and a 200 day moving average price of $12.11. 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 released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the 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. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter worth $28,000. Hantz Financial Services Inc. grew its holdings in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at $34,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.