Rivian Automotive (NASDAQ:RIVN) Trading Up 1.2% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded up 1.2% during mid-day trading on Wednesday . The company traded as high as $11.33 and last traded at $10.92. 9,685,268 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 37,267,379 shares. The stock had previously closed at $10.79.

Wall Street Analyst Weigh In

RIVN has been the topic of several research analyst reports. Wells Fargo & Company raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Barclays lifted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. UBS Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, January 16th. Finally, Sanford C. Bernstein assumed coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price on the stock. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.73.

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Rivian Automotive Trading Up 3.0 %

The company has a market cap of $12.57 billion, a PE ratio of -2.35 and a beta of 2.03. 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 company has a 50 day simple moving average of $12.96 and a two-hundred day simple moving average of $12.32.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS 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 the consensus estimate of $1.43 billion. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 18,501 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company's stock, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $11,983,450.68. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,357 shares of company stock worth $3,988,140 in the last three months. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the business. Dimension Capital Management LLC lifted its holdings in Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the last quarter. Tradition Wealth Management LLC lifted its stake in shares of Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after buying an additional 849 shares during the last quarter. John G Ullman & Associates Inc. lifted its stake in shares of Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after buying an additional 1,000 shares during the last quarter. RFG Holdings Inc. boosted its holdings in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after buying an additional 1,096 shares during the period. Finally, Oppenheimer & Co. Inc. grew its stake in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares during the last quarter. 66.25% of the stock is 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.

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