Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.6%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.6% during trading on Wednesday . The company traded as high as $10.37 and last traded at $10.31. Approximately 9,825,116 shares changed hands during trading, a decline of 77% from the average daily volume of 42,170,074 shares. The stock had previously closed at $10.05.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent research reports. The Goldman Sachs Group cut their price target on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Evercore ISI lowered their price target on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Mizuho cut their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Finally, Truist Financial reiterated a “hold” rating and issued a $10.00 target price (down previously from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. One investment 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 $19.00.

Rivian Automotive Stock Up 3.6 %

The company has a market cap of $10.36 billion, a PE ratio of -1.83 and a beta of 1.91. The company has a fifty day moving average of $10.10 and a two-hundred day moving average of $14.59. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results 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 business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, insider Kjell Gruner sold 19,935 shares of the firm’s 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 directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 transaction of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jeff Baker sold 31,425 shares of the company’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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Price T Rowe Associates Inc. MD lifted its position in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. grew its holdings in Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Morgan Stanley increased its position in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. 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.