Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.4% on Thursday . The stock traded as high as $15.77 and last traded at $15.61. Approximately 23,412,363 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 31,385,252 shares. The stock had previously closed at $15.25.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RIVN. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research report on Monday, February 9th. Stifel Nicolaus raised their target price on shares of Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Needham & Company LLC boosted their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday, December 12th. DA Davidson lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $15.00 to $14.00 in a research report on Tuesday, February 17th. Finally, Tigress Financial lifted their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $18.10.

Rivian Automotive Stock Performance

The stock has a market cap of $19.37 billion, a PE ratio of -5.08 and a beta of 1.76. The stock has a fifty day simple moving average of $17.35 and a two-hundred day simple moving average of $15.52. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.02. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The firm’s quarterly revenue was down 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.70) EPS. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the sale, the chief financial officer directly owned 680,836 shares in the company, valued at $11,438,044.80. The trade was a 3.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the transaction, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 164,737 shares of company stock worth $2,922,209 in the last 90 days. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter valued at about $220,323,000. Renaissance Technologies LLC lifted its stake in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after purchasing an additional 4,012,386 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 3.3% in the third 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 during the period. Capital International Investors increased its stake in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Rivian Automotive by 496.6% during the second 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. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.