Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 2.4% during mid-day trading on Monday . The company traded as high as $12.42 and last traded at $12.12. Approximately 9,940,330 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 38,415,670 shares. The stock had previously closed at $11.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RIVN shares. Wells Fargo & Company upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, February 21st. Wedbush reissued an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. UBS Group boosted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a "neutral" rating in a research note on Thursday, January 16th. Finally, Needham & Company LLC raised their price target 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, fourteen have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.87.

Rivian Automotive Stock Performance

The company's fifty day simple moving average is $13.22 and its two-hundred day simple moving average is $12.40. 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 has a market capitalization of $12.91 billion, a P/E ratio of -2.42 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its 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 company had revenue of $1.73 billion for 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%. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. This trade represents a 7.64 % 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, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company's stock, valued at $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the company. International Assets Investment Management LLC boosted its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after purchasing an additional 51,464 shares in the last quarter. Financial Advocates Investment Management acquired a new stake in Rivian Automotive in the third quarter valued at about $133,000. Farther Finance Advisors LLC grew its position in Rivian Automotive by 150.2% in the third quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker's stock valued at $175,000 after acquiring an additional 9,357 shares during the last quarter. Van ECK Associates Corp raised its stake in Rivian Automotive by 31.0% during the third quarter. Van ECK Associates Corp now owns 372,093 shares of the electric vehicle automaker's stock worth $4,175,000 after acquiring an additional 88,047 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Rivian Automotive by 1,090.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 169,384 shares of the electric vehicle automaker's stock worth $1,900,000 after acquiring an additional 155,150 shares during the last quarter. 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.

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