Rivian Automotive (NASDAQ:RIVN) Trading Up 3.7% - Here's Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 3.7% during mid-day trading on Tuesday . The company traded as high as $11.50 and last traded at $11.42. 8,845,558 shares changed hands during trading, a decline of 76% from the average session volume of 36,886,133 shares. The stock had previously closed at $11.02.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price target for the company. Guggenheim cut their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, February 24th. Barclays upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Piper Sandler cut Rivian Automotive from an "overweight" rating to a "neutral" rating and cut their price target for the company from $19.00 to $13.00 in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $14.38.

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Rivian Automotive Trading Up 6.6 %

The business's fifty day moving average is $12.41 and its 200-day moving average is $12.17. 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 firm has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS 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 net margin of 95.51% and a negative return on equity of 66.26%. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS 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 that occurred on Wednesday, February 19th. The stock was 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 approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The shares were 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. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,735,619 over the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Geode Capital Management LLC grew its stake in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $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. 66.25% of the stock is owned by institutional investors.

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.