Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1% – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1% during mid-day trading on Friday . The company traded as high as $11.69 and last traded at $11.60. 16,076,176 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 36,596,158 shares. The stock had previously closed at $11.49.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Robert W. Baird lowered their target price on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Finally, Barclays increased their price objective 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. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.17.

Rivian Automotive Stock Performance

The company has a 50 day simple moving average of $11.91 and a 200 day simple moving average of $12.06. The stock has a market cap of $13.12 billion, a price-to-earnings ratio of -2.46 and a beta of 1.89. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction 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 completion of the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock valued at $2,237,044. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of 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 valued at $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors bought a new position in Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Soma Equity Partners LP boosted its stake 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 valued at $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after buying an additional 2,941,928 shares during the period. 66.25% of the stock is owned by institutional investors.

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.