Rivian Automotive (NASDAQ:RIVN) Trading 0.5% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded up 0.5% during trading on Monday . The company traded as high as $10.56 and last traded at $10.55. 7,179,911 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 42,557,938 shares. The stock had previously closed at $10.50.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wells Fargo & Company reduced their target price on 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. Stifel Nicolaus reduced their target price on Rivian Automotive from $23.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, February 26th. Jefferies Financial Group assumed coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a "buy" rating and a $16.00 target price on the stock. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, The Goldman Sachs Group reduced their price objective 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. One 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. According to MarketBeat.com, Rivian Automotive has an average rating of "Moderate Buy" and an average price target of $19.00.

Rivian Automotive Stock Down 2.1 %

The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $10.15 and its 200 day simple moving average is $14.65. The firm has a market capitalization of $10.23 billion, a PE ratio of -1.78 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the business's stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the business's stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the transaction, the insider now owns 407,787 shares of the company's stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Rivian Automotive in the 1st quarter worth approximately $4,433,000. Bluefin Capital Management LLC bought a new stake in Rivian Automotive in the 1st quarter worth approximately $1,481,000. EMC Capital Management grew its position in Rivian Automotive by 68.0% in the 1st quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker's stock worth $134,000 after purchasing an additional 5,100 shares during the period. Advisory Resource Group bought a new stake in Rivian Automotive in the 1st quarter worth approximately $156,000. Finally, Comerica Bank grew its position in Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker's stock worth $251,000 after purchasing an additional 8,653 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.