Rivian Automotive (NASDAQ:RIVN) Shares Up 1.8% – Here’s Why

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 1.8% on Thursday . The stock traded as high as $14.83 and last traded at $14.52. 21,105,849 shares changed hands during trading, a decline of 28% from the average session volume of 29,150,943 shares. The stock had previously closed at $14.27.

Key Stories Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian’s spinout Mind Robotics raised $400 million in new funding and was valued at $3.4 billion, suggesting strong outside investor interest in the company’s AI-driven factory automation strategy. Rivian spinout Mind Robotics valued at $3.4 billion in new funding round
• Positive Sentiment: Rivian shares were reported higher after Mind Robotics closed the financing round, reinforcing the idea that the spinout could unlock additional shareholder value. Rivian shares jump as AI robotics spinout Mind Robotics closes $400M round
• Neutral Sentiment: Rivian is also drawing broad investor and market attention, with multiple articles highlighting it as a heavily watched stock, but these pieces do not add new operational or financial details. Rivian Automotive, Inc. (RIVN) is Attracting Investor Attention: Here is What You Should Know
• Neutral Sentiment: Rivian is rolling out a new AI assistant for its vehicles, which could support its technology story over time, but the immediate stock impact is likely limited. Rivian’s New AI Assistant Knows What You Mean, Not Just What You Say
• Negative Sentiment: Some market commentary continues to flag Rivian as a stock needing caution, reflecting ongoing concerns about the company’s still-unproven path to sustained profitability. 3 Stocks Under $50 That Concern Us

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of analyst reports. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Weiss Ratings cut shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Wedbush reiterated an “outperform” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Stifel Nicolaus raised their price target on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Stock Up 1.8%

The company’s 50 day simple moving average is $15.58 and its 200-day simple moving average is $16.28. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The firm has a market cap of $18.02 billion, a P/E ratio of -4.97 and a beta of 1.64.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.14. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The firm’s quarterly revenue was down 25.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.70) earnings per share. Research analysts forecast that Rivian Automotive, Inc. will post -3.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 21,446 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total value of $346,781.82. Following the completion of the sale, the chief executive officer owned 1,001,138 shares of the company’s stock, valued at approximately $16,188,401.46. The trade was a 2.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 148,888 shares of company stock valued at $2,411,276. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Norges Bank bought a new position in Rivian Automotive in the fourth quarter worth approximately $220,323,000. Renaissance Technologies LLC grew its position in shares of Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after acquiring an additional 4,012,386 shares during the period. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors increased its stake in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.