Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.2%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 0.2% during mid-day trading on Wednesday . The company traded as high as $9.20 and last traded at $9.06. Approximately 13,150,852 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 42,480,000 shares. The stock had previously closed at $9.04.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent analyst reports. Mizuho reissued a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a report on Monday, March 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price on the stock. Stifel Nicolaus lowered their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Finally, Robert W. Baird lowered their target price on shares of 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 analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Trading Down 2.2 %

The firm has a market cap of $8.64 billion, a P/E ratio of -1.54 and a beta of 1.88. The firm’s fifty day moving average is $11.27 and its two-hundred day moving average is $15.70. The company has a quick ratio of 3.90, a current ratio of 4.95 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) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Analysts predict that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the firm’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 transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD raised its position in 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 worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter worth about $129,427,000. Vanguard Group Inc. raised its position in 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 worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. Wellington Management Group LLP raised its position in Rivian Automotive by 228.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock worth $88,144,000 after buying an additional 2,525,142 shares during the last quarter. Finally, Morgan Stanley raised its position in Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.