Rivian Automotive (NASDAQ:RIVN) Shares Gap Up to $10.33

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $10.33, but opened at $11.14. Rivian Automotive shares last traded at $10.58, with a volume of 20,912,388 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Truist Financial restated a “hold” rating and set a $10.00 target price (down previously from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Robert W. Baird cut their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. Barclays cut their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $19.57.

Rivian Automotive Trading Down 0.8 %

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The firm’s 50 day simple moving average is $10.39 and its 200-day simple moving average is $15.08. The company has a market capitalization of $10.02 billion, a PE ratio of -1.82 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.77 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value 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 $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on 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 owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock worth $717,274 over the last ninety days. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Stifel Financial Corp raised its holdings in shares of Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after purchasing an additional 19,699 shares during the period. CenterBook Partners LP acquired a new stake in shares of Rivian Automotive during the third quarter worth $4,473,000. Atria Wealth Solutions Inc. raised its holdings in shares of Rivian Automotive by 448.0% during the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock worth $5,569,000 after purchasing an additional 187,495 shares during the period. Morgan Stanley raised its holdings 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 during the period. Finally, Aigen Investment Management LP acquired a new stake in shares of Rivian Automotive during the third quarter worth $1,806,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.