Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.1% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 1.1% on Friday . The stock traded as high as $13.97 and last traded at $13.93. Approximately 7,529,513 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 36,143,268 shares. The stock had previously closed at $13.78.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reissued a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wedbush decreased their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Benchmark restated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, Needham & Company LLC decreased their price objective on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and an average target price of $14.33.

Rivian Automotive Stock Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market cap of $15.71 billion, a price-to-earnings ratio of -2.94 and a beta of 1.86. The stock's 50 day moving average is $13.39 and its two-hundred day moving average is $12.96.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($1.48) earnings per share. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer now owns 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 384,265 shares of company stock valued at $5,201,750. Company insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC grew its holdings in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after acquiring an additional 3,864 shares during the period. Blue Trust Inc. grew its stake in shares of Rivian Automotive by 68.6% during the 4th quarter. Blue Trust Inc. now owns 7,640 shares of the electric vehicle automaker's stock worth $102,000 after purchasing an additional 3,109 shares during the period. Caprock Group LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $141,000. U.S. Capital Wealth Advisors LLC lifted its stake in shares of Rivian Automotive by 33.8% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 21,994 shares of the electric vehicle automaker's stock valued at $293,000 after purchasing an additional 5,555 shares during the period. Finally, Bleakley Financial Group LLC lifted its stake in shares of Rivian Automotive by 14.7% in the fourth quarter. Bleakley Financial Group LLC now owns 31,646 shares of the electric vehicle automaker's stock valued at $421,000 after purchasing an additional 4,045 shares during the period. Institutional investors and hedge funds 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.

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