Rivian Automotive (NASDAQ:RIVN) Trading Up 0.6%

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.6% during mid-day trading on Tuesday . The company traded as high as $10.64 and last traded at $10.50. 7,657,419 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 41,905,605 shares. The stock had previously closed at $10.44.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Robert W. Baird reduced their target price on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Cantor Fitzgerald reduced their target price on Rivian Automotive from $23.00 to $15.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. DA Davidson lowered their price target on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Piper Sandler raised 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 note on Friday, March 15th. Finally, Bank of America decreased their target price on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Rivian Automotive Price Performance

The business has a 50-day moving average price of $10.04 and a 200 day moving average price of $14.41. The stock has a market cap of $10.31 billion, a PE ratio of -1.82 and a beta of 1.91. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.96 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 the firm’s stock in a transaction on Monday, March 11th. The stock was 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 of the company’s stock, valued at $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, 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 value of $255,367.35. Following the sale, the insider now owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was 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 of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its position in Rivian Automotive by 35.4% in the third quarter. Principal Financial Group Inc. now owns 52,059 shares of the electric vehicle automaker’s stock worth $1,264,000 after acquiring an additional 13,617 shares in the last quarter. Ieq Capital LLC increased its position in shares of Rivian Automotive by 26.6% during the 3rd quarter. Ieq Capital LLC now owns 16,645 shares of the electric vehicle automaker’s stock valued at $404,000 after purchasing an additional 3,496 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Rivian Automotive by 47.7% during the 3rd quarter. Victory Capital Management Inc. now owns 335,631 shares of the electric vehicle automaker’s stock valued at $8,149,000 after buying an additional 108,428 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Rivian Automotive in the 3rd quarter worth approximately $205,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Rivian Automotive in the third quarter worth approximately $523,000. Institutional investors own 66.25% of the company’s stock.

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.