Rivian Automotive (NASDAQ:RIVN) Shares Up 2.7%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 2.7% during mid-day trading on Thursday . The company traded as high as $8.98 and last traded at $8.98. Approximately 11,303,127 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 43,033,254 shares. The stock had previously closed at $8.74.

Analysts Set New Price Targets

A number of analysts recently issued reports on RIVN shares. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Mizuho restated a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a research note on Monday, March 25th. Finally, Barclays dropped their price target on shares of Rivian Automotive from $16.00 to $12.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.70.

Rivian Automotive Stock Up 1.0 %

The stock’s 50-day moving average is $11.85 and its 200-day moving average is $16.08. The stock has a market cap of $8.63 billion, a P/E ratio of -1.56 and a beta of 1.88. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

Insider Activity 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 transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its holdings in Rivian Automotive by 1,329.5% in the first quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after buying an additional 585 shares during the last quarter. Ancora Advisors LLC acquired a new position in Rivian Automotive during the third quarter valued at approximately $27,000. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $26,000. MCF Advisors LLC grew its holdings in Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after purchasing an additional 1,000 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 1,245 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.