Rivian Automotive (NASDAQ:RIVN) Trading 7.2% Higher - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 7.2% during trading on Thursday . The company traded as high as $12.86 and last traded at $12.97. Approximately 14,029,086 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 36,768,880 shares. The stock had previously closed at $12.10.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 24th. Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Cantor Fitzgerald downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price target for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Piper Sandler cut Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Finally, Needham & Company LLC lifted their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.38.

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Rivian Automotive Stock Down 4.7 %

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 company has a market capitalization of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The company has a 50-day moving average of $12.26 and a 200-day moving average of $12.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates 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 analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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 dated 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction dated 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 sale, 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. Insiders have sold a total of 185,427 shares of company stock worth $2,588,475 over the last quarter. Insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Capital International Investors acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter worth approximately $123,308,000. Northern Trust Corp grew its holdings in Rivian Automotive by 68.5% in the fourth 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. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.