Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.4%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 3.4% on Tuesday . The company traded as high as $9.13 and last traded at $9.09. Approximately 11,523,041 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 42,559,816 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RIVN shares. JPMorgan Chase & Co. lowered Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Truist Financial restated a “hold” rating and issued a $11.00 price objective on shares of Rivian Automotive in a report on Friday, April 12th. Bank of America reduced their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Wells Fargo & Company reduced their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a 50-day simple moving average of $11.27 and a two-hundred day simple moving average of $15.70.

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. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other 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 transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at $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, CFO Claire Mcdonough sold 2,946 shares of the company’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 value of $47,725.20. Following the sale, the chief financial officer now 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. Insiders sold 54,306 shares of company stock worth $717,274 over the last 90 days. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. AE Wealth Management LLC grew its holdings in Rivian Automotive by 150.2% during the third quarter. AE Wealth Management LLC now owns 49,084 shares of the electric vehicle automaker’s stock worth $1,192,000 after acquiring an additional 29,464 shares during the period. Private Trust Co. NA grew its holdings in Rivian Automotive by 2,117.6% during the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock worth $46,000 after acquiring an additional 1,800 shares during the period. Caprock Group LLC acquired a new position in Rivian Automotive during the third quarter worth $479,000. Roman Butler Fullerton & Co. grew its holdings in Rivian Automotive by 29.6% during the third quarter. Roman Butler Fullerton & Co. now owns 10,459 shares of the electric vehicle automaker’s stock worth $254,000 after acquiring an additional 2,389 shares during the period. Finally, RFG Holdings Inc. acquired a new position in Rivian Automotive during the third quarter worth $220,000. Institutional investors and hedge funds 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.