Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.5% - Here's What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 0.5% during trading on Tuesday . The stock traded as high as $13.65 and last traded at $13.62. Approximately 9,082,516 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 36,285,080 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RIVN. Benchmark reiterated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. The Goldman Sachs Group dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 target price on the stock. Robert W. Baird reduced their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $13.99.

Rivian Automotive Stock Up 8.1 %

The stock has a market cap of $15.55 billion, a price-to-earnings ratio of -2.86 and a beta of 1.86. The stock has a 50 day simple moving average of $11.88 and a 200 day simple moving average of $12.28. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,427 shares of company stock worth $2,154,905. Company insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Tandem Financial LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter worth about $25,000. PFS Partners LLC raised its stake in 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 worth $25,000 after acquiring an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive during the third quarter worth approximately $28,000. Finally, Orion Capital Management LLC acquired a new position in Rivian Automotive during the 4th quarter worth about $34,000. 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.