Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 2.4% on Thursday . The company traded as high as $15.77 and last traded at $15.61. 23,412,363 shares traded hands during trading, a decline of 25% from the average session volume of 31,385,252 shares. The stock had previously closed at $15.25.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RIVN shares. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Morgan Stanley reissued an “underweight” rating and issued a $12.00 price target on shares of Rivian Automotive in a report on Monday, December 8th. Piper Sandler lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Evercore reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Finally, DA Davidson downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $15.00 to $14.00 in a report on Tuesday, February 17th. Nine equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.10.

Rivian Automotive Trading Up 2.4%

The business’s 50 day moving average price is $17.35 and its two-hundred day moving average price is $15.52. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The company has a market capitalization of $19.37 billion, a price-to-earnings ratio of -5.08 and a beta of 1.76.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the firm posted ($0.70) earnings per share. The firm’s revenue for the quarter was down 25.8% compared to the same quarter last year. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the sale, the director owned 29,122 shares in the company, valued at approximately $566,422.90. The trade was a 11.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 164,737 shares of company stock worth $2,922,209 in the last three months. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in RIVN. Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after acquiring an additional 2,597,310 shares in the last quarter. Capital International Investors grew its stake in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after acquiring an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC raised its stake in Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Geode Capital Management LLC raised its stake in Rivian Automotive by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after purchasing an additional 59,503 shares during the last quarter. Finally, Norges Bank bought a new stake in Rivian Automotive in the 4th quarter valued at $220,323,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.