Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.1%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.1% during mid-day trading on Wednesday . The stock traded as high as $8.97 and last traded at $8.89. 10,764,537 shares were traded during mid-day trading, a decline of 75% from the average session volume of 43,155,453 shares. The stock had previously closed at $8.71.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RIVN shares. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Truist Financial reissued a “hold” rating and issued a $11.00 price target on shares of Rivian Automotive in a report on Friday, April 12th. Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective for the company. Morgan Stanley dropped their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Finally, Wells Fargo & Company decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.91.

Rivian Automotive Stock Performance

The company has a market cap of $8.64 billion, a P/E ratio of -1.55 and a beta of 1.88. The business has a 50 day moving average price of $11.98 and a two-hundred day moving average price of $16.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.8 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’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 approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the business’s 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 transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction dated 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 directly owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,306 shares of company stock worth $717,274. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the period. BlackRock Inc. increased its stake in shares of Rivian Automotive by 2.9% in the 1st quarter. BlackRock Inc. now owns 50,903,971 shares of the electric vehicle automaker’s stock worth $787,993,000 after acquiring an additional 1,443,514 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $228,175,000. Finally, State Street Corp boosted its stake in Rivian Automotive by 22.6% during the second quarter. State Street Corp now owns 11,704,572 shares of the electric vehicle automaker’s stock worth $194,998,000 after acquiring an additional 2,156,922 shares in the last quarter. 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.