Rivian Automotive (NASDAQ:RIVN) Trading 1.4% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 1.4% during mid-day trading on Tuesday . The company traded as high as $8.71 and last traded at $8.52. 19,952,991 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 43,172,215 shares. The stock had previously closed at $8.40.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. cut Rivian Automotive from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $20.00 to $11.00 in a report on Thursday, February 22nd. Wolfe Research reaffirmed a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. Wells Fargo & Company decreased their price target on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. DA Davidson decreased their price target on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research note on Tuesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and an average target price of $19.70.

Rivian Automotive Stock Up 0.3 %

The firm has a 50 day moving average of $11.85 and a 200 day moving average of $16.08. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of -1.52 and a beta of 1.88. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

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 the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, sell-side analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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. Over the last quarter, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RIVN. PNC Financial Services Group Inc. lifted its holdings in shares of Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 2,532 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rivian Automotive in the first quarter valued at approximately $493,000. MetLife Investment Management LLC bought a new position in shares of Rivian Automotive in the first quarter valued at approximately $231,000. Finally, Rhumbline Advisers lifted its holdings in shares of Rivian Automotive by 5.3% in the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after purchasing an additional 6,690 shares in the last quarter. 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.