Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.8% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.8% on Friday . The company traded as high as $12.11 and last traded at $12.04. 10,524,151 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 34,390,234 shares. The stock had previously closed at $11.60.

Analyst Ratings Changes

RIVN has been the subject of a number of research reports. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. 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 report on Monday, February 24th. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Finally, Mizuho increased their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Stock Up 2.1 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $12.08 billion, a P/E ratio of -2.51 and a beta of 2.04. The stock has a fifty day moving average price of $13.32 and a two-hundred day moving average price of $12.44.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating 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 firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 6,856 shares of the 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 sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. 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 275,357 shares of company stock valued at $3,988,140 over the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive in the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive during the third quarter valued at $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at $34,000. Finally, Bear Mountain Capital Inc. raised its stake in shares of Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after purchasing an additional 1,932 shares in the last quarter. 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.