Rivian Automotive (NASDAQ:RIVN) Trading 2.1% Higher

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 2.1% on Wednesday . The stock traded as high as $8.97 and last traded at $8.89. 10,764,537 shares were traded during mid-day trading, a decline of 75% from the average session volume of 43,155,453 shares. The stock had previously closed at $8.71.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RIVN. Wells Fargo & Company lowered their price objective on Rivian Automotive from $18.00 to $14.00 and set an "equal weight" rating for the company in a research report on Thursday, February 22nd. Evercore ISI decreased their target price on Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, February 22nd. Mizuho restated a "neutral" rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. DA Davidson decreased their target price on Rivian Automotive from $19.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, February 22nd. Finally, Piper Sandler upgraded Rivian Automotive from a "neutral" rating to an "overweight" rating and upped their target price for the company from $15.00 to $21.00 in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.91.

Rivian Automotive Stock Performance

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

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 over the last ninety days. Insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RIVN. PNC Financial Services Group Inc. lifted its holdings in 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 acquiring an additional 2,532 shares during the period. D.A. Davidson & CO. lifted its holdings in 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 acquiring an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Rivian Automotive in the first quarter valued at about $493,000. MetLife Investment Management LLC bought a new position in shares of Rivian Automotive in the first quarter worth about $231,000. Finally, Rhumbline Advisers raised its stake 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 worth $6,633,000 after buying an additional 6,690 shares during the period. Institutional investors 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.