Rivian Automotive (NASDAQ:RIVN) Shares Up 5.5% - Here's What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 5.5% during mid-day trading on Monday . The stock traded as high as $14.19 and last traded at $14.03. Approximately 33,856,768 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 27,819,302 shares. The stock had previously closed at $13.30.

Analyst Ratings Changes

A number of brokerages recently commented on RIVN. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their price target for the company from $13.00 to $15.00 in a research note on Friday. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 target price for the company. Baird R W lowered shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday. Finally, Barclays raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $15.50.

Rivian Automotive Trading Down 4.7 %

The stock has a market cap of $13.24 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. 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 business has a 50 day simple moving average of $13.59 and a two-hundred day simple moving average of $12.54.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -4.7 EPS for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 18,501 shares of the business's stock in a transaction 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 directly owns 351,900 shares in the company, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Baillie Gifford & Co. grew its position in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its position in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Capital International Investors bought a new position in Rivian Automotive during the fourth quarter valued at about $144,030,000. Norges Bank bought a new position in Rivian Automotive during the fourth quarter valued at about $123,308,000. Finally, Soma Equity Partners LP raised its holdings in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after buying an additional 1,407,772 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other 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.