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

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s share price shot up 1.2% during trading on Wednesday . The company traded as high as $11.33 and last traded at $10.92. 9,685,268 shares traded hands during trading, a decline of 74% from the average session volume of 37,267,379 shares. The stock had previously closed at $10.79.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Barclays upped 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. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, The Goldman Sachs Group raised their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $14.73.

Check Out Our Latest Stock Analysis on RIVN

Rivian Automotive Stock Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $12.16 billion, a P/E ratio of -2.28 and a beta of 2.03. The company’s 50-day simple moving average is $12.86 and its 200 day simple moving average is $12.30.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 95.51% and a negative return on equity of 66.26%. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s 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 directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 203,928 shares of company stock worth $3,013,134. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors purchased a new position in shares of Rivian Automotive during the 4th quarter valued at $144,030,000. Norges Bank bought a new position in Rivian Automotive during the 4th quarter valued at about $123,308,000. Northern Trust Corp grew its stake 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 worth $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP bought a new position in Rivian Automotive in the 4th quarter worth about $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its stake in 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 in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

(Get Free Report)

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.

Further Reading

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