Rivian Automotive (NASDAQ:RIVN) Shares Up 0.3% - Here's Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 0.3% on Monday . The company traded as high as $11.98 and last traded at $11.24. 16,116,986 shares were traded during trading, a decline of 57% from the average session volume of 37,141,429 shares. The stock had previously closed at $11.21.

Analyst Ratings Changes

A number of research analysts have issued reports on RIVN shares. The Goldman Sachs Group lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday. Needham & Company LLC upped their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 21st. Cowen assumed coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, UBS Group cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $14.25.

Rivian Automotive Stock Down 1.5 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a fifty day simple moving average of $12.02 and a 200-day simple moving average of $12.05. The firm has a market cap of $12.76 billion, a P/E ratio of -2.38 and a beta of 1.89.

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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 for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. On average, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The shares were 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 of the company's stock, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 over the last three months. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the stock. Thrive Wealth Management LLC purchased a new stake in shares of Rivian Automotive in the first quarter valued at $137,000. Johnson & White Wealth Management LLC purchased a new position in shares of Rivian Automotive during the first quarter valued at $125,000. Merit Financial Group LLC bought a new stake in shares of Rivian Automotive in the 1st quarter valued at about $192,000. NBC Securities Inc. raised its stake in Rivian Automotive by 107,835.8% in the first quarter. NBC Securities Inc. now owns 57,206 shares of the electric vehicle automaker's stock worth $712,000 after buying an additional 57,153 shares in the last quarter. Finally, Green Alpha Advisors LLC lifted its stake in shares of Rivian Automotive by 83.0% during the 1st quarter. Green Alpha Advisors LLC now owns 113,267 shares of the electric vehicle automaker's stock worth $1,410,000 after purchasing an additional 51,374 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

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.