Rivian Automotive (NASDAQ:RIVN) Shares Gap Up to $10.33

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $10.33, but opened at $11.14. Rivian Automotive shares last traded at $10.58, with a volume of 20,912,388 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RIVN shares. Mizuho reaffirmed a "neutral" rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Monday, March 25th. Robert W. Baird decreased 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. Barclays cut their price target on Rivian Automotive from $12.00 to $10.00 and set an "equal weight" rating for the company in a report on Friday, April 19th. Morgan Stanley cut their price objective on Rivian Automotive from $14.00 to $13.00 and set an "overweight" rating for the company in a research note on Thursday, April 4th. Finally, Truist Financial reaffirmed a "hold" rating and set a $10.00 price target (down previously from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $19.57.

Rivian Automotive Price Performance

The stock has a market capitalization of $10.02 billion, a PE ratio of -1.78 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The firm's 50-day moving average price is $10.39 and its 200-day moving average price is $15.08.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, equities analysts forecast that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction on 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 directly owns 407,787 shares of the company's stock, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jeff Baker sold 31,425 shares of the firm's 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 sale, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at $690,829.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Bear Mountain Capital Inc. bought a new position in shares of Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive during the 3rd quarter valued at about $27,000. First Horizon Advisors Inc. raised its holdings in shares of Rivian Automotive by 1,537.0% in the 3rd 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 in the last quarter. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. bought a new position in shares of Rivian Automotive during the first quarter valued at approximately $33,000. Hedge funds and other 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.