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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were up 2.2% on Monday . The stock traded as high as $13.92 and last traded at $13.88. Approximately 5,956,390 shares traded hands during trading, a decline of 83% from the average daily volume of 36,041,748 shares. The stock had previously closed at $13.57.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RIVN shares. UBS Group raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Sunday. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday, May 6th. Finally, Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Three investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Price Performance

The firm has a market cap of $15.73 billion, a PE ratio of -3.74 and a beta of 1.86. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The stock has a 50 day moving average price of $14.05 and a two-hundred day moving average price of $13.18.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its 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. 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 the consensus estimate of $981.52 million. During the same quarter in the previous year, the company posted ($1.48) earnings per share. The company's revenue was up 3.0% compared to the same quarter last year. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 312,836 shares of company stock valued at $4,357,459. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its holdings in Rivian Automotive by 7.4% in the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after buying an additional 722 shares in the last quarter. Brown Advisory Inc. grew its holdings in Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after buying an additional 772 shares in the last quarter. First National Trust Co grew its holdings in Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after buying an additional 800 shares in the last quarter. Dimension Capital Management LLC grew its holdings in Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after buying an additional 819 shares in the last quarter. Finally, Tradition Wealth Management LLC grew its holdings in Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after buying an additional 849 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other 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.