Rivian Automotive (NASDAQ:RIVN) Shares Up 1.1% – What’s Next?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.1% on Tuesday . The stock traded as high as $15.35 and last traded at $15.12. Approximately 20,952,288 shares changed hands during trading, a decline of 34% from the average daily volume of 31,940,764 shares. The stock had previously closed at $14.96.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RIVN. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. TD Cowen boosted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the company a “hold” rating in a research report on Friday, February 13th. Needham & Company LLC lifted their price objective on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Wolfe Research lowered shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. Finally, Evercore reaffirmed an “outperform” rating on shares of Rivian Automotive in a report on Monday, December 15th. Nine equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $18.10.

Rivian Automotive Stock Performance

The firm’s 50 day moving average is $17.26 and its 200 day moving average is $15.52. The stock has a market cap of $19.37 billion, a P/E ratio of -5.08 and a beta of 1.76. 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 issued its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.02. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. Rivian Automotive’s revenue for the quarter was down 25.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.70) EPS. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the sale, the director owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% 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 company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction 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 $11,438,044.80. This represents a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 164,737 shares of company stock valued at $2,922,209 in the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. increased its stake in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. boosted its position in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the period. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $27,000. Mather Group LLC. acquired a new stake in shares of Rivian Automotive in the third quarter valued at $30,000. Finally, Hemington Wealth Management raised its position in Rivian Automotive by 291.0% in the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,580 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.