Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.7%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.7% during trading on Monday . The stock traded as high as $9.41 and last traded at $9.19. Approximately 12,799,366 shares traded hands during trading, a decline of 69% from the average daily volume of 41,933,473 shares. The stock had previously closed at $9.04.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent research reports. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. Needham & Company LLC cut their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, April 18th. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Truist Financial reissued a “hold” rating and issued a $11.00 price target on shares of Rivian Automotive in a report on Friday, April 12th. Finally, Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $15.00 to $21.00 in a report on Friday, March 15th. 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’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Rivian Automotive Stock Performance

The company has a market capitalization of $9.12 billion, a PE ratio of -1.60 and a beta of 1.88. The business’s 50-day moving average is $10.83 and its 200-day moving average is $15.48. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

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, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during 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%. On average, research analysts anticipate that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The shares were 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 directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. Private Trust Co. NA grew its position in Rivian Automotive by 2,117.6% during the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock valued at $46,000 after buying an additional 1,800 shares during the period. UMB Bank n.a. grew its position in Rivian Automotive by 61.6% during the third quarter. UMB Bank n.a. now owns 3,038 shares of the electric vehicle automaker’s stock valued at $74,000 after buying an additional 1,158 shares during the period. Commonwealth Equity Services LLC grew its position in Rivian Automotive by 18.7% during the third quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock valued at $5,242,000 after buying an additional 34,044 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Rivian Automotive by 5.5% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 159,600 shares of the electric vehicle automaker’s stock valued at $3,875,000 after buying an additional 8,300 shares during the period. Finally, Busey Trust CO grew its position in Rivian Automotive by 60.3% during the third quarter. Busey Trust CO now owns 17,885 shares of the electric vehicle automaker’s stock valued at $434,000 after buying an additional 6,729 shares during the period. 66.25% of the stock is currently owned by 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.