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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 1.7% on Monday . The stock traded as high as $9.41 and last traded at $9.19. 12,799,366 shares were traded during mid-day trading, a decline of 69% from the average session volume of 41,933,473 shares. The stock had previously closed at $9.04.

Analyst Ratings Changes

Several brokerages recently weighed in on RIVN. Morgan Stanley cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Barclays cut their price target on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. The Goldman Sachs Group cut their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. Finally, Robert W. Baird cut their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. One 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. According to MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Stock Up 3.2 %

The firm has a 50-day moving average of $10.83 and a 200 day moving average of $15.48. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of -1.60 and a beta of 1.88. 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 data 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 company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp increased its holdings in shares of Rivian Automotive by 7.3% during the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after acquiring an additional 19,699 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of Rivian Automotive during the 3rd quarter valued at about $4,473,000. Atria Wealth Solutions Inc. increased its holdings in shares of Rivian Automotive by 448.0% during the 3rd 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. Morgan Stanley increased its holdings in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the last quarter. Finally, Aigen Investment Management LP acquired a new position in shares of Rivian Automotive during the 3rd quarter valued at about $1,806,000. 66.25% of the stock is owned by hedge funds and other 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.