Rivian Automotive (NASDAQ:RIVN) Trading 3.4% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 3.4% on Tuesday . The stock traded as high as $9.13 and last traded at $9.09. Approximately 11,523,041 shares changed hands during trading, a decline of 73% from the average daily volume of 42,559,816 shares. The stock had previously closed at $8.79.

Analyst Ratings Changes

RIVN has been the topic of several research reports. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. Mizuho restated a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th. DA Davidson lowered their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Finally, Truist Financial restated a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.61.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The business’s fifty day simple moving average is $11.27 and its 200-day simple moving average is $15.70.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Research analysts expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were 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 directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the SEC, which is available at 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 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 $5,223,751.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,306 shares of company stock valued at $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD lifted 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 acquiring an additional 25,550,489 shares during the period. Vanguard Group Inc. lifted its position in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares during the period. Morgan Stanley lifted its position in 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 period. Norges Bank purchased a new position in Rivian Automotive during the 4th quarter valued at about $129,427,000. Finally, Northern Trust Corp lifted its position in Rivian Automotive by 14.8% during the 3rd quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker’s stock valued at $102,833,000 after acquiring an additional 544,588 shares during the period. 66.25% of the stock is 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.