Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 0.5% on Tuesday . The company traded as high as $10.95 and last traded at $10.70. 7,093,520 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 43,074,332 shares. The stock had previously closed at $10.65.

Analysts Set New Price Targets

RIVN has been the topic of a number of recent analyst reports. Jefferies Financial Group initiated coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective on the stock. Barclays dropped their price objective on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. DA Davidson dropped their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, UBS Group reiterated a “sell” rating and issued a $8.00 price objective (down from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $20.26.

Rivian Automotive Stock Up 4.5 %

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $13.50 and a two-hundred day simple moving average of $17.43. The company has a market capitalization of $10.74 billion, a price-to-earnings ratio of -1.91 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last released 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 company 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%. Equities analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the business’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 transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Kjell Gruner sold 19,935 shares of the business’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 transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 in the last three months. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD lifted its holdings in Rivian Automotive by 35.7% during 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 in the last quarter. Moneta Group Investment Advisors LLC acquired a new position in Rivian Automotive during the 4th quarter worth $228,175,000. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter worth $129,427,000. State Street Corp lifted its holdings in Rivian Automotive by 145.5% during the 3rd quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after buying an additional 5,371,852 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in Rivian Automotive by 9.7% during the 2nd quarter. BlackRock Inc. now owns 55,827,991 shares of the electric vehicle automaker’s stock worth $930,094,000 after buying an additional 4,924,020 shares in the last quarter. 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.