Rivian Automotive (NASDAQ:RIVN) Shares Up 2.2% - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 2.2% on Thursday . The company traded as high as $14.14 and last traded at $14.06. 6,334,319 shares changed hands during trading, a decline of 82% from the average session volume of 35,577,969 shares. The stock had previously closed at $13.76.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Cowen began coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating on the stock. Benchmark reiterated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Finally, Needham & Company LLC cut their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $14.33.

Rivian Automotive Stock Performance

The company's fifty day moving average is $14.05 and its 200 day moving average is $13.18. The company has a market capitalization of $15.73 billion, a P/E ratio of -3.74 and a beta of 1.86. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.23. The company 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 76.83% and a negative return on equity of 60.64%. Rivian Automotive's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the firm earned ($1.48) EPS. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 9,937 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now directly owns 851,637 shares of the company's stock, valued at $12,774,555. This trade represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 312,836 shares of company stock valued at $4,357,459 in the last three months. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. Brighton Jones LLC raised its position in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Rivian Automotive by 30.6% during the 4th quarter. Private Advisor Group LLC now owns 64,870 shares of the electric vehicle automaker's stock valued at $863,000 after buying an additional 15,213 shares in the last quarter. IFP Advisors Inc raised its position in shares of Rivian Automotive by 153.7% during the 4th quarter. IFP Advisors Inc now owns 8,007 shares of the electric vehicle automaker's stock valued at $106,000 after buying an additional 4,851 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Rivian Automotive by 36.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 148,423 shares of the electric vehicle automaker's stock valued at $1,974,000 after buying an additional 39,751 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in shares of Rivian Automotive by 4.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after buying an additional 1,160 shares in the last quarter. 66.25% of the stock is 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.