Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.2% on Wednesday . The stock traded as high as $11.33 and last traded at $10.92. Approximately 9,685,268 shares traded hands during trading, a decline of 74% from the average daily volume of 37,267,379 shares. The stock had previously closed at $10.79.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Benchmark assumed coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Truist Financial upped their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Wells Fargo & Company upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Finally, Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.73.

Rivian Automotive Stock Up 1.3 %

The business’s 50 day moving average is $12.86 and its 200 day moving average is $12.30. The company has a market capitalization of $12.16 billion, a price-to-earnings ratio of -2.28 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 earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping 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. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly 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 legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 203,928 shares of company stock worth $3,013,134. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after purchasing an additional 227,168 shares in the last quarter. Capital International Investors purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $123,308,000. Soma Equity Partners LP increased its holdings in shares of Rivian Automotive by 19.9% during 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 in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other 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.