Rivian Automotive (NASDAQ:RIVN) Shares Up 3.3% – Here’s What Happened

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.3% during trading on Monday . The stock traded as high as $15.97 and last traded at $15.87. 24,379,741 shares were traded during trading, a decline of 20% from the average session volume of 30,428,641 shares. The stock had previously closed at $15.37.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RIVN. Morgan Stanley restated an “underweight” rating and issued a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. UBS Group raised 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. Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. TD Cowen raised their target price on Rivian Automotive from $13.00 to $17.00 and gave the company a “hold” rating in a research note on Friday, February 13th. Finally, The Goldman Sachs Group increased their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Nine research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $17.86.

Rivian Automotive Price Performance

The business’s 50-day simple moving average is $16.51 and its 200 day simple moving average is $15.69. 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 company has a market capitalization of $19.69 billion, a P/E ratio of -5.17 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) 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 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%.The firm’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.70) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the transaction, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was 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 of the company’s stock, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 152,938 shares of company stock valued at $2,675,717. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Corient Private Wealth LLC grew its stake in shares of Rivian Automotive by 41.6% in the 4th quarter. Corient Private Wealth LLC now owns 94,501 shares of the electric vehicle automaker’s stock valued at $1,863,000 after purchasing an additional 27,785 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Rivian Automotive by 2,212.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 62,168 shares of the electric vehicle automaker’s stock valued at $1,225,000 after acquiring an additional 59,480 shares during the period. Strategic Investment Solutions Inc. IL grew its position in shares of Rivian Automotive by 8,210.2% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 10,427 shares during the period. Alpine Global Management LLC grew its stake in shares of Rivian Automotive by 0.7% during the fourth quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock worth $51,804,000 after purchasing an additional 17,564 shares during the period. Finally, Virtu Financial LLC bought a new position in Rivian Automotive in the fourth quarter valued at approximately $635,000. Institutional investors and hedge funds 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.