Rivian Automotive (NASDAQ:RIVN) Shares Up 2.9%

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.9% during trading on Thursday . The stock traded as high as $9.63 and last traded at $9.48. Approximately 6,997,135 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 41,360,410 shares. The stock had previously closed at $9.21.

Wall Street Analyst Weigh In

RIVN has been the topic of several research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, April 3rd. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research report on Tuesday, April 16th. Needham & Company LLC reduced their price objective on Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, Robert W. Baird cut their target price on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Rivian Automotive Price Performance

The business has a 50-day simple moving average of $10.43 and a two-hundred day simple moving average of $15.29. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of -1.73 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, research analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter worth about $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the third quarter valued at approximately $27,000. First Horizon Advisors Inc. grew its position in Rivian Automotive by 1,537.0% in the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 1,245 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth $33,000. Finally, Benjamin Edwards Inc. acquired a new position in Rivian Automotive during the first quarter worth $33,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.