Rivian Automotive (NASDAQ:RIVN) Trading 2.1% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.1% during trading on Wednesday . The stock traded as high as $8.97 and last traded at $8.89. 10,764,537 shares were traded during trading, a decline of 75% from the average session volume of 43,155,453 shares. The stock had previously closed at $8.71.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Robert W. Baird decreased 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 report on Thursday, February 22nd. Finally, Barclays dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating for the company in a research report on Monday, February 26th. 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. According to MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus price target of $19.91.

Rivian Automotive Stock Up 1.5 %

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 stock has a market cap of $8.64 billion, a PE ratio of -1.55 and a beta of 1.88. The firm has a fifty day moving average of $11.98 and a 200 day moving average of $16.14.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (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, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The shares were 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 in the company, valued at approximately $690,829.70. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 transaction, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Sunbelt Securities Inc. increased its stake in Rivian Automotive by 195.0% in the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 975 shares during the period. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the 3rd quarter worth $27,000. Resurgent Financial Advisors LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth $30,000. Finally, MCF Advisors LLC increased its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.