Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.2% – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.2% during trading on Tuesday . The company traded as high as $16.07 and last traded at $15.82. 21,436,054 shares were traded during mid-day trading, a decline of 30% from the average session volume of 30,543,703 shares. The stock had previously closed at $15.33.

Analyst Ratings Changes

A number of research firms have recently weighed in on RIVN. Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, February 9th. Bank of America initiated coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price for the company. Wolfe Research downgraded shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Wedbush reaffirmed an “outperform” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, February 13th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.00.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The stock has a 50 day moving average price of $16.02 and a 200-day moving average price of $15.81. The stock has a market capitalization of $19.63 billion, a price-to-earnings ratio of -5.15 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.02. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm’s revenue was down 25.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.70) EPS. On average, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $15.00, for a total value of $261,750.00. Following the completion of the sale, the chief executive officer owned 1,027,281 shares in the company, valued at approximately $15,409,215. This represents a 1.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 131,833 shares of company stock valued at $2,298,729. 2.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 15.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after buying an additional 799,030 shares during the period. XTX Topco Ltd acquired a new position in shares of Rivian Automotive in the second quarter worth $1,324,000. Farther Finance Advisors LLC increased its position in shares of Rivian Automotive by 227.0% during the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock worth $1,719,000 after acquiring an additional 81,291 shares during the period. Y Intercept Hong Kong Ltd raised its stake in shares of Rivian Automotive by 244.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after acquiring an additional 1,152,551 shares in the last quarter. Finally, Tableaux LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at $3,435,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.