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

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their price target on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. Piper Sandler raised their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Finally, Mizuho raised their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Trading Up 7.0%

The stock has a market cap of $15.61 billion, a P/E ratio of -3.72 and a beta of 1.81. 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 business's 50 day simple moving average is $14.13 and its 200 day simple moving average is $13.09.

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

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. This trade represents a 6.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RIVN. PFS Partners LLC raised its stake in shares of Rivian Automotive by 1,882.0% in the first 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 last quarter. Banque Transatlantique SA raised its stake in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. WPG Advisers LLC bought a new position in shares of Rivian Automotive in the first quarter valued at approximately $34,000. Finally, Olde Wealth Management LLC bought a new position in Rivian Automotive in the 1st quarter worth approximately $37,000. Institutional investors own 66.25% of the company's stock.

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.