Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.7% – Here’s What Happened

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 4.7% on Friday . The stock traded as high as $11.22 and last traded at $11.40. 8,332,510 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 36,816,648 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

Several brokerages have weighed in on RIVN. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price on the stock. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Barclays upped their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Finally, Mizuho dropped their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Price Performance

The company has a market cap of $13.00 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03. The company has a fifty day moving average price of $12.45 and a two-hundred day moving average price of $12.19. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction on 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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was 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 in the last 90 days. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of RIVN. Dimension Capital Management LLC raised its position in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares during the last quarter. Tradition Wealth Management LLC raised its position in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after acquiring an additional 849 shares during the last quarter. John G Ullman & Associates Inc. raised its position in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after acquiring an additional 1,000 shares during the last quarter. RFG Holdings Inc. raised its position in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after acquiring an additional 1,096 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of Rivian Automotive by 4.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after acquiring an additional 1,160 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.