Rivian Automotive (NASDAQ:RIVN) Trading 1.4% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 1.4% during trading on Tuesday . The company traded as high as $8.71 and last traded at $8.52. 19,952,991 shares traded hands during trading, a decline of 54% from the average session volume of 43,172,215 shares. The stock had previously closed at $8.40.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, April 3rd. Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. Evercore ISI decreased their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Morgan Stanley reduced their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Finally, Barclays reduced their target price on Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. One equities research 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.com, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of $19.70.

Rivian Automotive Trading Up 0.3 %

The company has a market cap of $8.54 billion, a PE ratio of -1.52 and a beta of 1.88. 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 company has a 50-day moving average of $11.85 and a 200 day moving average of $16.08.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The business 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%. Analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other 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 transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale 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 business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,306 shares of company stock valued at $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. PNC Financial Services Group Inc. boosted its holdings in Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 2,532 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Rivian Automotive in the first quarter valued at $493,000. MetLife Investment Management LLC purchased a new stake in Rivian Automotive in the first quarter valued at $231,000. Finally, Rhumbline Advisers boosted its holdings in Rivian Automotive by 5.3% in the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after purchasing an additional 6,690 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.