Rivian Automotive (NASDAQ:RIVN) Trading 5.5% Higher - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 5.5% on Monday . The stock traded as high as $14.19 and last traded at $14.03. Approximately 33,856,768 shares were traded during trading, an increase of 22% from the average daily volume of 27,819,302 shares. The stock had previously closed at $13.30.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RIVN shares. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Robert W. Baird restated a "neutral" rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Wedbush restated an "outperform" rating and set a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They set a "buy" rating and a $18.00 price target for the company. Finally, Royal Bank of Canada cut their price target on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $15.13.

Rivian Automotive Trading Down 2.3 %

The stock has a fifty day moving average of $13.59 and a 200-day moving average of $12.54. 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 company has a market cap of $13.89 billion, a PE ratio of -2.43 and a beta of 2.04.

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Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued 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. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.7 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the business's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock valued at $5,024,431 in the last ninety days. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RIVN. Creative Planning raised its position in shares of Rivian Automotive by 6.7% in the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker's stock worth $1,298,000 after acquiring an additional 7,236 shares in the last quarter. Bleakley Financial Group LLC bought a new position in shares of Rivian Automotive in the 3rd quarter worth $310,000. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Rivian Automotive by 55.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,764 shares of the electric vehicle automaker's stock worth $828,000 after acquiring an additional 26,374 shares in the last quarter. Blue Trust Inc. raised its position in shares of Rivian Automotive by 40.3% in the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker's stock worth $51,000 after acquiring an additional 1,301 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Rivian Automotive during the 3rd quarter valued at about $112,000. 66.25% of the stock is owned by 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.