Rivian Automotive (NASDAQ:RIVN) Trading 2.8% Higher – What’s Next?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 2.8% during trading on Tuesday . The stock traded as high as $14.68 and last traded at $14.50. 7,759,640 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 36,153,105 shares. The stock had previously closed at $14.10.

Analysts Set New Price Targets

A number of research analysts recently commented on RIVN shares. Mizuho boosted their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, May 16th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Cantor Fitzgerald restated a “neutral” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Finally, Robert W. Baird dropped their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.33.

Rivian Automotive Stock Up 2.1%

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $16.27 billion, a P/E ratio of -3.05 and a beta of 1.86. The company’s 50 day moving average price is $13.31 and its two-hundred day moving average price is $12.92.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Rivian Automotive’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.48) EPS. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 9,937 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now owns 851,637 shares of the company’s stock, valued at $12,774,555. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction on Monday, April 21st. The stock was sold at an average price of $11.46, for a total value of $409,270.98. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 384,265 shares of company stock valued at $5,201,750. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the stock. Tandem Financial LLC bought a new position in Rivian Automotive in the fourth quarter worth about $25,000. PFS Partners LLC grew its position in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Banque Transatlantique SA lifted its position in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $34,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.