Rivian Automotive (NASDAQ:RIVN) Shares Gap Up to $10.90

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.90, but opened at $11.48. Rivian Automotive shares last traded at $11.68, with a volume of 11,621,154 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently commented on RIVN shares. Stifel Nicolaus cut their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, February 26th. UBS Group upgraded 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 note on Tuesday, April 16th. Morgan Stanley dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Thursday, April 4th. Evercore ISI dropped their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating on the stock in a research note on Thursday, February 22nd. Finally, 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 objective on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $19.00.

Rivian Automotive Stock Up 2.7 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The firm's 50-day moving average is $10.30 and its 200 day moving average is $14.85. The stock has a market cap of $10.94 billion, a price-to-earnings ratio of -1.94 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RIVN. Stifel Financial Corp increased its holdings in shares of Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker's stock worth $6,997,000 after acquiring an additional 19,699 shares during the period. CenterBook Partners LP acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth about $4,473,000. Atria Wealth Solutions Inc. increased its stake in Rivian Automotive by 448.0% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker's stock valued at $5,569,000 after buying an additional 187,495 shares during the period. Morgan Stanley increased its stake in Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Rivian Automotive during the 3rd quarter valued at about $1,806,000. 66.25% of the stock is currently 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.