Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.8%

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 1.8% during trading on Wednesday . The stock traded as high as $9.12 and last traded at $9.06. Approximately 8,116,460 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 41,538,672 shares. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RIVN. Bank of America cut their price target on Rivian Automotive from $40.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, February 22nd. Jefferies Financial Group began coverage on Rivian Automotive in a research note on Thursday, March 7th. They set a "buy" rating and a $16.00 price target for the company. Robert W. Baird cut their price target on Rivian Automotive from $30.00 to $23.00 and set an "outperform" rating for the company in a research note on Thursday, February 22nd. Evercore ISI cut their price target on Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating for the company in a research note on Thursday, February 22nd. Finally, Needham & Company LLC lowered their price objective on Rivian Automotive from $18.00 to $13.00 and set a "buy" rating on the stock in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned 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 an average price target of $19.61.

Rivian Automotive Trading Up 3.5 %

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 stock has a market cap of $9.00 billion, a P/E ratio of -1.58 and a beta of 1.88. The company has a 50-day moving average price of $10.55 and a two-hundred day moving average price of $15.33.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.28 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -4.76 EPS for the current fiscal year.

Insider Activity

In related 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 directly owns 52,415 shares of the company's stock, valued at $690,829.70. The transaction was disclosed in a filing with the SEC, 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 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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. 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. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker's stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. grew its stake in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. Baillie Gifford & Co. grew its stake in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker's stock worth $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Morgan Stanley grew 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 worth $235,409,000 after purchasing an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock worth $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. 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.