Rivian Automotive (NASDAQ:RIVN) Trading Up 5.4% - Here's Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 5.4% during mid-day trading on Thursday . The stock traded as high as $13.18 and last traded at $13.06. Approximately 19,326,266 shares traded hands during trading, a decline of 41% from the average daily volume of 32,703,553 shares. The stock had previously closed at $12.39.

Wall Street Analyst Weigh In

Several research firms have commented on RIVN. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday, April 25th. Robert W. Baird cut their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Piper Sandler lifted their target price on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $14.38.

Rivian Automotive Stock Up 6.2%

The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock's fifty day simple moving average is $14.12 and its 200-day simple moving average is $13.09. The stock has a market cap of $15.49 billion, a P/E ratio of -3.68 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the previous year, the company posted ($1.48) earnings per share. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 241,407 shares of company stock worth $3,553,883 in the last 90 days. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Capital International Investors acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Vanguard Group Inc. boosted its stake in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. 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. Finally, Nuveen LLC acquired a new stake in Rivian Automotive during the 1st quarter valued at $33,582,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.