Rivian Automotive (NASDAQ:RIVN) Trading 3.6% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 3.6% during mid-day trading on Monday . The company traded as high as $10.88 and last traded at $10.69. Approximately 7,663,386 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 39,829,117 shares. The stock had previously closed at $10.32.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RIVN. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target on the stock in a research report on Tuesday, April 16th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a report on Wednesday, May 8th. JPMorgan Chase & Co. boosted their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday. Morgan Stanley restated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.17.

Rivian Automotive Price Performance

The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The firm’s fifty day simple moving average is $10.35 and its two-hundred day simple moving average is $13.54. The firm has a market cap of $14.67 billion, a PE ratio of -2.52 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, research analysts expect that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of RIVN. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. Westwood Holdings Group Inc. increased its position in Rivian Automotive by 240.3% during the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after acquiring an additional 193,345 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after purchasing an additional 9,508 shares during the period. EULAV Asset Management increased its stake in Rivian Automotive by 33.3% in the 1st quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after buying an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its stake in Rivian Automotive by 571.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock worth $5,507,000 after acquiring an additional 428,050 shares in the last quarter. 66.25% of the stock is owned by 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.