Rivian Automotive (NASDAQ:RIVN) Trading Up 0.5% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 0.5% during mid-day trading on Monday . The company traded as high as $10.94 and last traded at $10.81. 6,682,105 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 36,931,864 shares. The stock had previously closed at $10.75.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIVN. Baird R W lowered shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. 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. Mizuho lowered their target price on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. Guggenheim reduced 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. Finally, Needham & Company LLC raised their price objective on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $14.38.

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Rivian Automotive Stock Up 6.6 %

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 stock's 50 day simple moving average is $12.41 and its 200 day simple moving average is $12.17. The firm has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS 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 net margin of 95.51% and a negative return on equity of 66.26%. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the transaction, 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 disclosure for this sale can be found here. In the last three months, insiders sold 185,427 shares of company stock valued at $2,735,619. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Capital International Investors bought a new stake in Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp raised its holdings 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 worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. Twinbeech Capital LP bought a new position in Rivian Automotive during the fourth quarter valued at $29,944,000. Finally, Charles Schwab Investment Management Inc. increased its position in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.