Rivian Automotive (NASDAQ:RIVN) Shares Up 2.7%

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

Analysts Set New Price Targets

A number of research firms recently issued reports on RIVN. Cantor Fitzgerald reiterated an “overweight” rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, April 3rd. Robert W. Baird decreased their price target on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Bank of America decreased their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Evercore ISI decreased their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Finally, Wells Fargo & Company decreased their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. 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 stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Stock Down 2.3 %

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 company has a fifty day simple moving average of $11.54 and a two-hundred day simple moving average of $15.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations 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, equities research analysts forecast that Rivian Automotive, Inc. will post -4.79 EPS for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction 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 transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction 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 transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Eaton Vance Management grew its position in Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after acquiring an additional 497 shares during the last quarter. Gould Capital LLC grew its position in Rivian Automotive by 32.6% during the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 500 shares during the last quarter. D.A. Davidson & CO. grew its position in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after acquiring an additional 515 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its position in Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after acquiring an additional 577 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its position in Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 585 shares during the last quarter. 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.