Rivian Automotive (NASDAQ:RIVN) Shares Up 2.1%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 2.1% during trading on Wednesday . The company traded as high as $8.97 and last traded at $8.89. Approximately 10,764,537 shares changed hands during trading, a decline of 75% from the average daily volume of 43,155,453 shares. The stock had previously closed at $8.71.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent research reports. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Tuesday. Jefferies Financial Group began coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. Wells Fargo & Company decreased their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Finally, Evercore ISI decreased their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.70.

Rivian Automotive Stock Down 0.7 %

The firm has a 50-day moving average of $11.71 and a 200 day moving average of $16.03. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of -1.54 and a beta of 1.88. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive 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 transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,306 shares of company stock valued at $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD increased its holdings in shares of Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $228,175,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $129,427,000. State Street Corp increased its holdings in shares of Rivian Automotive by 145.5% in the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock valued at $298,304,000 after acquiring an additional 5,371,852 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently 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.