Rivian Automotive (NASDAQ:RIVN) Shares Up 1.2%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.2% during mid-day trading on Wednesday . The stock traded as high as $10.75 and last traded at $10.65. 8,973,760 shares were traded during trading, a decline of 79% from the average session volume of 42,943,211 shares. The stock had previously closed at $10.52.

Analysts Set New Price Targets

A number of analysts recently commented on RIVN shares. Mizuho reaffirmed a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a research note on Monday. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. 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 report on Monday, February 26th. Finally, Bank of America lowered their target price 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. 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $20.26.

Rivian Automotive Stock Performance

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 company has a market cap of $10.70 billion, a PE ratio of -1.91 and a beta of 1.89. The business’s 50 day moving average is $13.41 and its two-hundred day moving average is $17.39.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.79 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was 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 $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 in the last three months. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Sunbelt Securities Inc. increased its position in Rivian Automotive by 195.0% in the second quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 975 shares during the last quarter. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive in the 4th quarter worth $26,000. Ancora Advisors LLC bought a new stake in shares of Rivian Automotive in the 3rd quarter worth about $27,000. MCF Advisors LLC raised 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 buying an additional 1,000 shares in the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $30,000. 66.25% of the stock is currently owned by 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.