Rivian Automotive (NASDAQ:RIVN) Trading Up 0.9%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 0.9% during trading on Thursday . The stock traded as high as $10.41 and last traded at $10.29. 10,681,863 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 42,863,094 shares. The stock had previously closed at $10.20.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RIVN shares. UBS Group raised shares of Rivian Automotive from a "sell" rating to a "neutral" rating and set a $9.00 target price for the company in a report on Tuesday, April 16th. The Goldman Sachs Group lowered their target price on Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating on the stock in a research note on Thursday, January 25th. Mizuho dropped their target price on Rivian Automotive from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Wednesday, May 8th. Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a "buy" rating and a $16.00 price target for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Rivian Automotive Price Performance

The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of -1.78 and a beta of 1.91. The stock's 50-day moving average price is $10.29 and its 200 day moving average price is $14.79. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

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

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was 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 $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Federated Hermes Inc. raised its position in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker's stock valued at $201,000 after purchasing an additional 651 shares during the period. Moneta Group Investment Advisors LLC increased its stake in Rivian Automotive by 5.3% during the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker's stock worth $324,000 after purchasing an additional 668 shares during the period. Laidlaw Wealth Management LLC increased its stake in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock worth $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. lifted its position in shares of Rivian Automotive by 10.8% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker's stock worth $175,000 after purchasing an additional 727 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Rivian Automotive by 13.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker's stock valued at $156,000 after purchasing an additional 775 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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