Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 0.5% on Tuesday . The stock traded as high as $10.95 and last traded at $10.70. Approximately 7,093,520 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 43,074,332 shares. The stock had previously closed at $10.65.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several analyst reports. JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Evercore ISI reduced their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. UBS Group reissued a “sell” rating and issued a $8.00 price objective (down previously from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Finally, Mizuho reaffirmed a “neutral” rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $20.26.

Rivian Automotive Stock Up 4.5 %

The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The company has a market cap of $10.74 billion, a price-to-earnings ratio of -1.91 and a beta of 1.89. The stock’s fifty day moving average is $13.50 and its two-hundred day moving average is $17.43.

Rivian Automotive (NASDAQ:RIVN) 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 122.51% and a negative return on equity of 45.97%. 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 -4.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated 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 sale, the insider now owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 in the last quarter. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its position in shares of Rivian Automotive by 195.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 975 shares during the period. Bear Mountain Capital Inc. bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $26,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $27,000. MCF Advisors LLC grew its position in shares of Rivian Automotive by 396.8% during the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after acquiring an additional 1,000 shares during the period. Finally, Resurgent Financial Advisors LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors 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.