Rivian Automotive (NASDAQ:RIVN) Trading 2.3% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 2.3% on Friday . The company traded as high as $10.41 and last traded at $10.06. Approximately 22,669,840 shares traded hands during trading, a decline of 46% from the average daily volume of 41,686,633 shares. The stock had previously closed at $9.83.

Analysts Set New Price Targets

Several research analysts have commented on RIVN shares. Stifel Nicolaus cut their price objective on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, February 26th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a report on Tuesday, April 16th. Morgan Stanley reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Finally, Mizuho reaffirmed a “neutral” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Monday, March 25th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.57.

Rivian Automotive Stock Up 2.4 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The firm has a 50 day simple moving average of $10.40 and a two-hundred day simple moving average of $15.19. The stock has a market cap of $9.84 billion, a P/E ratio of -1.75 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share 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 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%. Equities research analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction 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 transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last ninety days. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Commonwealth Equity Services LLC lifted its position in shares of Rivian Automotive by 18.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock valued at $5,242,000 after acquiring an additional 34,044 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Rivian Automotive by 5.5% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 159,600 shares of the electric vehicle automaker’s stock worth $3,875,000 after buying an additional 8,300 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Rivian Automotive by 2.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock valued at $2,453,000 after buying an additional 2,724 shares in the last quarter. Xponance Inc. raised its position in Rivian Automotive by 30.5% during the third quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock valued at $585,000 after buying an additional 5,622 shares during the period. Finally, Maryland State Retirement & Pension System raised its position in Rivian Automotive by 26.6% during the third quarter. Maryland State Retirement & Pension System now owns 51,025 shares of the electric vehicle automaker’s stock valued at $1,239,000 after buying an additional 10,730 shares during the period. 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.