Rivian Automotive (NASDAQ:RIVN) Shares Up 3.6% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 3.6% during mid-day trading on Wednesday . The company traded as high as $11.69 and last traded at $11.61. Approximately 6,519,365 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 36,845,342 shares. The stock had previously closed at $11.20.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RIVN shares. Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, February 21st. Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Benchmark reissued a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price objective for the company. Finally, Guggenheim cut their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Trading Up 2.7 %

The company has a market capitalization of $13.01 billion, a PE ratio of -2.44 and a beta of 2.03. The stock has a fifty day moving average of $12.57 and a 200 day moving average of $12.21. 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 issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,735,619 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tandem Financial LLC bought a new position in Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive during the 3rd quarter worth $28,000. Hantz Financial Services Inc. grew its position in shares of Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive during the 4th quarter worth $34,000. Hedge funds and other institutional investors 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.