Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.5% during trading on Monday . The company traded as high as $10.94 and last traded at $10.81. Approximately 6,682,105 shares were traded during trading, a decline of 82% from the average daily volume of 36,931,864 shares. The stock had previously closed at $10.75.

Analysts Set New Price Targets

RIVN has been the subject of a number of analyst reports. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Truist Financial increased their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Guggenheim decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Finally, Wells Fargo & Company increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.64.

Rivian Automotive Stock Up 2.6 %

The company has a market cap of $12.47 billion, a PE ratio of -2.34 and a beta of 2.03. The business’s fifty day simple moving average is $12.74 and its two-hundred day simple moving average is $12.25. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

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. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated 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 owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction dated 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 directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,735,619 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Capital International Investors acquired a new position in Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at about $123,308,000. Northern Trust Corp boosted its holdings in Rivian Automotive by 68.5% in 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 during the last quarter. Twinbeech Capital LP acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.