Rivian Automotive (NASDAQ:RIVN) Trading 2.2% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 2.2% during trading on Thursday . The stock traded as high as $11.32 and last traded at $11.23. Approximately 12,612,412 shares were traded during trading, a decline of 71% from the average daily volume of 42,847,594 shares. The stock had previously closed at $10.99.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RIVN. Bank of America cut their price objective 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. Jefferies Financial Group began coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. DA Davidson cut their price objective 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. Finally, Robert W. Baird cut their price objective 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. 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. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average price target of $20.26.

Rivian Automotive Stock Down 0.4 %

The company has a fifty day moving average of $13.50 and a two-hundred day moving average of $17.43. The company has a market cap of $10.70 billion, a PE ratio of -1.96 and a beta of 1.89. 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 released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the 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 sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 over the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in 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 purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. boosted its position in Rivian Automotive by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. BlackRock Inc. boosted its holdings in Rivian Automotive by 9.7% in the second 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. Moneta Group Investment Advisors LLC acquired a new stake in Rivian Automotive in the fourth quarter worth about $228,175,000. Finally, State Street Corp boosted its holdings in Rivian Automotive by 22.6% in the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock worth $194,998,000 after acquiring an additional 2,156,922 shares in the last quarter. 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.