Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.7% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded up 4.7% during mid-day trading on Friday . The stock traded as high as $11.22 and last traded at $11.40. 8,332,510 shares were traded during trading, a decline of 77% from the average session volume of 36,816,648 shares. The stock had previously closed at $10.88.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Robert W. Baird restated a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, February 21st. Cantor Fitzgerald cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Finally, Cowen assumed coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Three 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 MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average target price of $14.38.

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Rivian Automotive Stock Performance

The company's 50-day moving average price is $12.41 and its two-hundred day moving average price is $12.16. The company has a market capitalization of $13.63 billion, a price-to-earnings ratio of -2.55 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of the business's 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 owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,998 shares of company stock worth $1,744,184. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive during the fourth quarter worth approximately $123,308,000. Soma Equity Partners LP lifted its holdings in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp grew its position in 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 valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. 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.