Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.3% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 7.3% during trading on Tuesday . The company traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares traded hands during trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.

Analyst Upgrades and Downgrades

RIVN has been the topic of several analyst reports. Truist Financial raised 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. Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Robert W. Baird restated a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Barclays increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Finally, Cowen assumed coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Price Performance

The company’s 50-day simple moving average is $12.22 and its 200-day simple moving average is $12.11. The company has a market cap of $13.61 billion, a price-to-earnings ratio of -2.57 and a beta of 2.03. 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 quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) 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%. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other 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 value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,588,475 in the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Capital International Investors bought a new stake in Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Northern Trust Corp grew its position in 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 worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP purchased a new position in Rivian Automotive during the 4th quarter worth approximately $29,944,000. Finally, Groupama Asset Managment purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $26,600,000. 66.25% of the stock is 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.