Rivian Automotive (NASDAQ:RIVN) Shares Up 2.1%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 2.1% during mid-day trading on Wednesday . The company traded as high as $8.97 and last traded at $8.89. 10,764,537 shares were traded during mid-day trading, a decline of 75% from the average session volume of 43,155,453 shares. The stock had previously closed at $8.71.

Analysts Set New Price Targets

A number of research firms recently issued reports on RIVN. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research note on Thursday. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Evercore ISI dropped their price target on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Finally, Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.70.

Rivian Automotive Stock Performance

The firm’s 50-day moving average price is $11.71 and its two-hundred day moving average price is $16.03. 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 stock has a market cap of $8.57 billion, a price-to-earnings ratio of -1.54 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly 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 firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, analysts expect that Rivian Automotive, Inc. will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were 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 of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were 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 of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing 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 shares were 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 directly owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 over the last 90 days. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SteelPeak Wealth LLC purchased a new stake in Rivian Automotive during the first quarter worth about $265,000. Vicus Capital increased its stake in Rivian Automotive by 11.6% during the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the period. RFG Holdings Inc. increased its stake in Rivian Automotive by 74.7% during the first quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock worth $196,000 after purchasing an additional 7,659 shares during the period. Austin Private Wealth LLC increased its stake in Rivian Automotive by 64.7% during the first quarter. Austin Private Wealth LLC now owns 25,787 shares of the electric vehicle automaker’s stock worth $272,000 after purchasing an additional 10,128 shares during the period. Finally, Strategic Planning Group LLC purchased a new stake in Rivian Automotive during the first quarter worth about $867,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.