Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 0.4% during trading on Wednesday . The stock traded as high as $12.66 and last traded at $12.41. Approximately 9,674,164 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 36,749,474 shares. The stock had previously closed at $12.36.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. UBS Group increased their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Needham & Company LLC raised their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 21st. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Finally, Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Down 1.4 %

The firm has a market capitalization of $13.78 billion, a PE ratio of -2.58 and a beta of 2.03. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average price is $12.36 and its two-hundred day moving average price is $12.14.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.43 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s 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 sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,998 shares of company stock valued at $1,744,184. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the third quarter worth $28,000. Hantz Financial Services Inc. boosted its holdings in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the period. Finally, Orion Capital Management LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $34,000. Institutional investors own 66.25% of the company’s stock.

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.