Rivian Automotive (NASDAQ:RIVN) Trading Up 0.2%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 0.2% during mid-day trading on Wednesday . The company traded as high as $9.20 and last traded at $9.06. Approximately 13,150,852 shares were traded during trading, a decline of 69% from the average daily volume of 42,480,000 shares. The stock had previously closed at $9.04.

Analyst Ratings Changes

RIVN has been the subject of a number of analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 price objective on shares of Rivian Automotive in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, April 2nd. The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Thursday, January 25th. Truist Financial reiterated a "hold" rating and issued a $11.00 price target on shares of Rivian Automotive in a report on Friday, April 12th. Finally, Mizuho reiterated a "neutral" rating and issued a $12.00 price target on shares of Rivian Automotive in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $19.61.

Rivian Automotive Price Performance

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 company's 50-day simple moving average is $11.27 and its 200-day simple moving average is $15.70. The stock has a market capitalization of $8.64 billion, a P/E ratio of -1.54 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -4.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company's 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 sale, 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 is accessible through this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the company'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 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. Over the last three months, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares in the last quarter. Morgan Stanley grew its stake in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock valued at $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Norges Bank acquired a new position in shares of Rivian Automotive in the fourth quarter valued at about $129,427,000. Finally, Northern Trust Corp grew its stake in shares of Rivian Automotive by 14.8% in the third quarter. Northern Trust Corp now owns 4,235,291 shares of the electric vehicle automaker's stock valued at $102,833,000 after acquiring an additional 544,588 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.