Rivian Automotive (NASDAQ:RIVN) Trading Up 2.7%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was up 2.7% during trading on Thursday . The stock traded as high as $8.98 and last traded at $8.98. Approximately 11,303,127 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 43,033,254 shares. The stock had previously closed at $8.74.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RIVN shares. Evercore ISI decreased their price objective on Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, February 22nd. Piper Sandler upgraded shares of Rivian Automotive from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a "buy" rating on the stock in a research report on Thursday, February 22nd. The Goldman Sachs Group decreased their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, January 25th. Finally, Jefferies Financial Group initiated coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a "buy" rating and a $16.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of "Moderate Buy" and an average price target of $19.70.

Rivian Automotive Price Performance

The stock has a 50 day moving average price of $11.71 and a two-hundred day moving average price of $16.03. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of -1.54 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating analysts' consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations 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, analysts expect that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred 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 completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Jeff Baker sold 31,425 shares of the firm's stock in a transaction dated 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 owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its holdings in shares of Rivian Automotive by 31.8% during the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker's stock worth $528,000 after purchasing an additional 2,532 shares during the last quarter. D.A. Davidson & CO. grew its stake in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker's stock worth $310,000 after buying an additional 515 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rivian Automotive during the first quarter worth approximately $493,000. MetLife Investment Management LLC purchased a new stake in Rivian Automotive in the first quarter valued at approximately $231,000. Finally, Rhumbline Advisers boosted 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 acquiring an additional 6,690 shares during the period. Institutional investors and hedge funds 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.