Rivian Automotive (NASDAQ:RIVN) Trading 2.7% Higher - Here's Why

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 2.7% on Wednesday . The stock traded as high as $13.75 and last traded at $13.75. Approximately 4,522,080 shares were traded during trading, a decline of 87% from the average daily volume of 36,050,159 shares. The stock had previously closed at $13.39.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of research reports. Benchmark reaffirmed a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Trading Down 1.5%

The company has a 50 day simple moving average of $13.89 and a 200 day simple moving average of $13.16. The company has a market capitalization of $15.34 billion, a PE ratio of -3.65 and a beta of 1.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results 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. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.48) earnings per share. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the sale, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock valued at $5,201,750 over the last 90 days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the company. Modern Wealth Management LLC acquired a new position in Rivian Automotive in the 1st quarter valued at about $135,000. Strs Ohio acquired a new position in Rivian Automotive in the first quarter valued at approximately $1,180,000. GK Wealth Management LLC acquired a new position in Rivian Automotive in the first quarter valued at approximately $150,000. Geneos Wealth Management Inc. grew its position in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after acquiring an additional 1,856 shares during the period. Finally, Belpointe Asset Management LLC increased its stake in Rivian Automotive by 9.0% during the first quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker's stock worth $239,000 after acquiring an additional 1,581 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

About Rivian Automotive

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.