Rivian Automotive (NASDAQ:RIVN) Trading 4.3% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 4.3% during trading on Friday . The stock traded as high as $8.92 and last traded at $8.89. Approximately 11,009,312 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 42,095,199 shares. The stock had previously closed at $8.52.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RIVN shares. Morgan Stanley cut their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Robert W. Baird reduced 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. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $11.00 target price on shares of Rivian Automotive in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a market capitalization of $8.84 billion, a P/E ratio of -1.55 and a beta of 1.88. The firm’s fifty day moving average is $10.98 and its 200 day moving average is $15.60.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating 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 firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. As a group, analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

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

Institutional Trading of Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in Rivian Automotive by 35.7% during the 4th 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 during the period. Norges Bank purchased a new position in Rivian Automotive during the fourth quarter valued at approximately $129,427,000. Vanguard Group Inc. lifted its holdings 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 worth $1,602,629,000 after buying an additional 4,467,881 shares during the period. Wellington Management Group LLP boosted its position in Rivian Automotive by 228.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,630,315 shares of the electric vehicle automaker’s stock valued at $88,144,000 after acquiring an additional 2,525,142 shares in the last quarter. Finally, Morgan Stanley grew its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. 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.