Rivian Automotive (NASDAQ:RIVN) Shares Up 1.8%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.8% during mid-day trading on Wednesday . The company traded as high as $9.12 and last traded at $9.06. Approximately 8,116,460 shares traded hands during trading, a decline of 80% from the average daily volume of 41,538,672 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RIVN. Wolfe Research reiterated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Barclays reduced their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, April 19th. Evercore ISI decreased their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Robert W. Baird cut their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Finally, UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research report on Tuesday, April 16th. One investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.57.

Rivian Automotive Trading Up 2.4 %

The firm has a market cap of $9.84 billion, a price-to-earnings ratio of -1.75 and a beta of 1.91. The company’s 50 day simple moving average is $10.40 and its 200 day simple moving average is $15.19. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

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

Insider Buying and Selling at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at about $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive in the third quarter worth approximately $27,000. First Horizon Advisors Inc. boosted its stake in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 1,245 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at $33,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.