Rivian Automotive (NASDAQ:RIVN) Trading 2.6% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price shot up 2.6% during mid-day trading on Wednesday . The company traded as high as $10.37 and last traded at $10.31. 9,825,116 shares traded hands during trading, a decline of 77% from the average session volume of 42,170,074 shares. The stock had previously closed at $10.05.

Analyst Ratings Changes

RIVN has been the subject of a number of analyst reports. Cantor Fitzgerald dropped their price target on shares of Rivian Automotive from $23.00 to $15.00 and set an "overweight" rating for the company in a research report on Wednesday, May 8th. Evercore ISI dropped their price target on shares of Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, February 22nd. Truist Financial reiterated a "hold" rating and issued a $10.00 price target (down from $11.00) on shares of Rivian Automotive in a research report on Thursday, May 2nd. Barclays lowered their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an "equal weight" rating for the company in a research report on Friday, April 19th. Finally, Mizuho lowered their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Rivian Automotive Stock Up 6.5 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company has a market cap of $10.65 billion, a price-to-earnings ratio of -1.85 and a beta of 1.91. The stock's fifty day moving average is $10.08 and its two-hundred day moving average is $14.56.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -4.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction dated 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 sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the 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 transaction, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at $690,829.70. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Swedbank AB purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $6,887,000. Virtu Financial LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $4,433,000. Bluefin Capital Management LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $1,481,000. EMC Capital Management raised its position in shares of Rivian Automotive by 68.0% during the 1st quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker's stock valued at $134,000 after buying an additional 5,100 shares in the last quarter. Finally, Advisory Resource Group purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $156,000. 66.25% of the stock is owned by 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.