Rivian Automotive (NASDAQ:RIVN) Shares Up 1.7%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.7% on Monday . The company traded as high as $9.41 and last traded at $9.19. 12,799,366 shares were traded during mid-day trading, a decline of 69% from the average session volume of 41,933,473 shares. The stock had previously closed at $9.04.

Analysts Set New Price Targets

Several analysts have recently issued reports on RIVN shares. Robert W. Baird dropped their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Bank of America cut their target price on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Barclays cut their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Finally, Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Rivian Automotive Stock Performance

The stock’s 50-day simple moving average is $10.55 and its 200 day simple moving average is $15.33. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a market capitalization of $8.76 billion, a PE ratio of -1.55 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate 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 expect that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 2,946 shares of the 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 transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in shares of Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after acquiring an additional 651 shares during the period. Moneta Group Investment Advisors LLC lifted its stake in shares of Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after acquiring an additional 668 shares during the period. Laidlaw Wealth Management LLC lifted its stake in shares of Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the period. Jamison Private Wealth Management Inc. lifted its stake in shares of Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 727 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Rivian Automotive by 13.7% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after acquiring an additional 775 shares during the period. 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.