Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.7% – Here’s Why

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RIVN shares. Cantor Fitzgerald cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $13.00 to $15.00 in a research note on Friday, February 21st. 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 note on Friday, February 21st. Benchmark restated a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 target price for the company. Finally, Barclays raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Performance

The stock’s fifty day moving average is $12.52 and its two-hundred day moving average is $12.20. The firm has a market capitalization of $12.84 billion, a price-to-earnings ratio of -2.41 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results 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. The business had revenue of $1.73 billion during 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 forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value 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 trade represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,735,619 in the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth about $28,000. Hantz Financial Services Inc. increased 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 worth $34,000 after acquiring an additional 2,900 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $34,000. Institutional investors and hedge funds 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.