Rivian Automotive (NASDAQ:RIVN) Shares Up 2.7%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2.7% during mid-day trading on Thursday . The company traded as high as $8.98 and last traded at $8.98. Approximately 11,303,127 shares were traded during trading, a decline of 74% from the average daily volume of 43,033,254 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of recent research reports. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a report on Tuesday. Evercore ISI dropped their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Bank of America decreased their target price on 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, Barclays decreased their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Rivian Automotive Stock Performance

The firm has a 50-day moving average of $11.54 and a 200-day moving average of $15.93. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.28 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the 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 sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was 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. Insiders have sold a total of 54,306 shares of company stock worth $717,274 in the last ninety days. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in Rivian Automotive by 35.7% in 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 during the period. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. BlackRock Inc. boosted its position in shares of Rivian Automotive by 2.9% during the first quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock valued at $787,993,000 after purchasing an additional 1,443,514 shares in the last quarter. Moneta Group Investment Advisors LLC bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $228,175,000. Finally, State Street Corp boosted its position in shares of Rivian Automotive by 22.6% during the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock valued at $194,998,000 after purchasing an additional 2,156,922 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.