Rivian Automotive (NASDAQ:RIVN) Shares Up 2% - What's Next?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 2% during trading on Thursday . The company traded as high as $15.33 and last traded at $15.12. Approximately 25,572,328 shares changed hands during trading, a decline of 29% from the average daily volume of 36,050,744 shares. The stock had previously closed at $14.82.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RIVN. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Wedbush decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, Barclays upped their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $14.16.

Rivian Automotive Stock Performance

The firm's fifty day moving average price is $12.20 and its 200-day moving average price is $12.43. The company has a market cap of $17.19 billion, a P/E ratio of -3.22 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at $4,778,183.76. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,427 shares of company stock valued at $2,154,905. Insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the business. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. PFS Partners LLC raised its position in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after acquiring an additional 1,882 shares during the period. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the 4th quarter worth approximately $27,000. Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $34,000. Finally, WPG Advisers LLC bought a new stake in Rivian Automotive in the first quarter valued at approximately $34,000. 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.

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