Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher – Here’s Why

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 1.1% on Tuesday . The stock traded as high as $15.35 and last traded at $15.12. Approximately 20,952,288 shares traded 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

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. Benchmark lifted their price target on shares of Rivian Automotive from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Wells Fargo & Company upped their price target on shares of Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $15.00 to $16.00 in a report on Friday, February 13th. Finally, Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Nine research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.10.

Rivian Automotive Stock Up 1.1%

The firm’s 50 day simple moving average is $17.45 and its 200-day simple moving average is $15.50. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $18.76 billion, a price-to-earnings ratio of -4.93 and a beta of 1.76.

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

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction dated 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 owned 680,836 shares in the company, valued at $11,438,044.80. The trade was a 3.83% decrease in their position. The sale 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 Rivian Automotive stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. The trade was a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 164,737 shares of company stock worth $2,922,209 in the last 90 days. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the period. Capital International Investors increased its stake in Rivian Automotive by 13.2% in 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 acquiring an additional 2,418,717 shares during the last quarter. Renaissance Technologies LLC raised its position 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 valued at $323,195,000 after purchasing an additional 4,012,386 shares in the last quarter. Geode Capital Management LLC lifted its stake in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock worth $290,568,000 after purchasing an additional 59,503 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $220,323,000. 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.