Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2%

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 1.2% on Wednesday . The company traded as high as $10.75 and last traded at $10.65. Approximately 8,973,760 shares were traded during trading, a decline of 79% from the average daily volume of 42,943,211 shares. The stock had previously closed at $10.52.

Analyst Ratings Changes

A number of analysts have issued reports on RIVN shares. DA Davidson cut their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley reduced their target price on shares of Rivian Automotive from $24.00 to $14.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 27th. JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Needham & Company LLC decreased their price target on Rivian Automotive from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.26.

Rivian Automotive Trading Down 0.4 %

The firm has a market cap of $10.70 billion, a price-to-earnings ratio of -1.91 and a beta of 1.89. 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’s 50 day simple moving average is $13.41 and its 200 day simple moving average is $17.39.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate 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%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive 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 completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the 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 directly owns 52,415 shares in the company, 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 valued at $717,274 over the last 90 days. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently added to or reduced their stakes in the business. Stifel Financial Corp raised its holdings in Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after purchasing an additional 19,699 shares in the last quarter. CenterBook Partners LP purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $4,473,000. BlackRock Inc. raised its stake 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 acquiring an additional 4,924,020 shares in the last quarter. Atria Wealth Solutions Inc. lifted its position in Rivian Automotive by 448.0% in the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock valued at $5,569,000 after acquiring an additional 187,495 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in Rivian Automotive in the third quarter valued at $1,806,000. Hedge funds and other institutional investors 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.