Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 4.9% on Monday . The company traded as high as $12.20 and last traded at $12.17. Approximately 10,165,248 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 36,892,614 shares. The stock had previously closed at $11.60.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on RIVN shares. Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Cowen assumed coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Guggenheim dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, February 24th. Wells Fargo & Company raised 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. Finally, Piper Sandler cut 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 note on Thursday, March 20th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $14.38.
Check Out Our Latest Research Report on RIVN
Rivian Automotive Price Performance
The stock has a market capitalization of $14.03 billion, a P/E ratio of -2.63 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a fifty day moving average price of $12.26 and a two-hundred day moving average price of $12.13.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for 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%. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,427 shares of company stock valued at $2,588,475. 2.51% of the stock is owned by insiders.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. Capital International Investors purchased a new stake in Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth about $123,308,000. Northern Trust Corp grew its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP bought a new stake in Rivian Automotive during the 4th quarter valued at approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 79.2% in 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 in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.
About Rivian Automotive
(
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.
Further Reading
Before you consider Rivian Automotive, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rivian Automotive wasn't on the list.
While Rivian Automotive currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven best retirement stocks and why they should be in your portfolio.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
