Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.1% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 1.1% on Friday . The stock traded as high as $13.97 and last traded at $13.93. 7,529,513 shares were traded during trading, a decline of 79% from the average session volume of 36,143,268 shares. The stock had previously closed at $13.78.

Analyst Ratings Changes

Several equities research analysts have commented on RIVN shares. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. The Goldman Sachs Group decreased their price target on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. UBS Group boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. Needham & Company LLC reduced their price objective on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Finally, TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.33.

Rivian Automotive Stock Performance

The company’s fifty day simple moving average is $13.41 and its 200 day simple moving average is $13.01. The stock has a market capitalization of $15.83 billion, a P/E ratio of -2.97 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.23. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm’s revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted ($1.48) earnings per share. As a group, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $9,596,373.75. The trade was a 7.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total transaction of $149,055.00. Following the sale, the chief financial officer now owns 851,637 shares in the company, valued at approximately $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 384,265 shares of company stock worth $5,201,750. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. Caprock Group LLC bought a new position in Rivian Automotive during the fourth quarter valued at approximately $141,000. Bleakley Financial Group LLC raised its stake in shares of Rivian Automotive by 14.7% during the fourth quarter. Bleakley Financial Group LLC now owns 31,646 shares of the electric vehicle automaker’s stock worth $421,000 after acquiring an additional 4,045 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $556,000. Finally, Empowered Funds LLC boosted its stake in shares of Rivian Automotive by 168.4% in the 4th quarter. Empowered Funds LLC now owns 49,562 shares of the electric vehicle automaker’s stock valued at $659,000 after purchasing an additional 31,096 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, 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.