Rivian Automotive (NASDAQ:RIVN) Shares Up 2.4% - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was up 2.4% during trading on Monday . The company traded as high as $12.42 and last traded at $12.12. Approximately 9,940,330 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 38,415,670 shares. The stock had previously closed at $11.84.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RIVN shares. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective on the stock. Wells Fargo & Company boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, February 21st. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, February 21st. Royal Bank of Canada lowered their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Finally, Wedbush restated an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average target price of $14.87.

Rivian Automotive Price Performance

The firm's 50-day moving average price is $13.17 and its 200-day moving average price is $12.39. 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 market capitalization of $12.59 billion, a PE ratio of -2.36 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,357 shares of company stock worth $3,988,140. Corporate insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the company. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter worth about $28,000. Orion Capital Management LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at about $34,000. Finally, Bear Mountain Capital Inc. raised its holdings in Rivian Automotive by 208.0% in the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after acquiring an additional 1,932 shares during the last quarter. 66.25% of the stock is currently 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.