Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.8% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 2.8% on Friday . The company traded as high as $12.34 and last traded at $12.43. Approximately 6,905,614 shares traded hands during trading, a decline of 79% from the average daily volume of 32,245,025 shares. The stock had previously closed at $12.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating on the stock. Barclays raised their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Mizuho decreased their price objective on Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday. Finally, The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average price target of $14.08.

Rivian Automotive Price Performance

The stock has a market cap of $14.27 billion, a price-to-earnings ratio of -2.67 and a beta of 1.89. The stock has a fifty day moving average of $11.71 and a two-hundred day moving average of $12.13. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

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

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the business's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,775,506.06. The trade was a 4.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock worth $2,154,905 over the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tandem Financial LLC purchased a new position in Rivian Automotive in the 4th quarter worth about $25,000. PFS Partners LLC grew its holdings in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the third quarter valued at $28,000. Finally, Orion Capital Management LLC bought a new stake in Rivian Automotive in the fourth quarter valued at about $34,000. Institutional investors own 66.25% of the company's stock.

About Rivian Automotive

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.