Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.4% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 0.4% on Wednesday . The stock traded as high as $12.04 and last traded at $11.95. 5,259,148 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 36,611,990 shares. The stock had previously closed at $11.91.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective on the stock. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 22nd. Cantor Fitzgerald cut Rivian Automotive from an "overweight" rating to a "neutral" rating and raised their price target for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Truist Financial boosted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, Benchmark restated a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $14.17.

Rivian Automotive Stock Up 1.0 %

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 $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 1.89. The firm has a 50 day moving average price of $11.89 and a two-hundred day moving average price of $12.08.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly 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 net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. The trade was a 7.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 approximately $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 have sold 185,427 shares of company stock valued at $2,237,044 over the last three months. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares during the period. Mountain Hill Investment Partners Corp. bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $1,363,000. Groupama Asset Managment acquired a new stake in Rivian Automotive during the fourth quarter worth about $26,600,000. SG Americas Securities LLC lifted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after acquiring an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $10,448,000. 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.