Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price shot up 3.6% during mid-day trading on Wednesday . The stock traded as high as $11.69 and last traded at $11.61. 6,519,365 shares changed hands during trading, a decline of 82% from the average session volume of 36,845,342 shares. The stock had previously closed at $11.20.
Wall Street Analysts Forecast Growth
RIVN has been the subject of a number of research reports. Mizuho reduced their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Guggenheim reduced their price objective 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. Barclays lifted their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Finally, Piper Sandler lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $19.00 to $13.00 in a research report on Thursday. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $14.38.
Get Our Latest Stock Analysis on RIVN
Rivian Automotive Stock Performance
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 firm has a market capitalization of $13.78 billion, a PE ratio of -2.58 and a beta of 2.03. The stock's 50 day moving average price is $12.38 and its two-hundred day moving average price is $12.15.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly 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. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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 expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,998 shares of company stock valued at $1,744,184. Company insiders own 2.51% of the company's stock.
Hedge Funds Weigh In On Rivian Automotive
Hedge funds have recently made changes to their positions in the stock. Capital International Investors acquired a new position in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive in the 4th quarter worth about $123,308,000. Northern Trust Corp lifted its stake in shares of Rivian Automotive by 68.5% in 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 purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.
Rivian Automotive Company Profile
(
Get Free Report)
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.
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