Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.2%

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.2% on Thursday . The company traded as high as $11.32 and last traded at $11.23. 12,612,412 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 42,847,594 shares. The stock had previously closed at $10.99.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Morgan Stanley cut their price target on shares of Rivian Automotive from $24.00 to $14.00 and set an “overweight” rating for the company in a report on Tuesday, February 27th. UBS Group reissued a “sell” rating and issued a $8.00 price target (down from $24.00) on shares of Rivian Automotive in a report on Friday, February 23rd. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a report on Thursday, January 4th. The Goldman Sachs Group cut their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, January 25th. Finally, Truist Financial restated a “hold” rating and set a $11.00 price objective (down previously from $26.00) on shares of Rivian Automotive in a report on Monday, February 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.26.

Rivian Automotive Stock Down 0.4 %

The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $10.70 billion, a P/E ratio of -1.96 and a beta of 1.89. The firm has a 50-day moving average price of $13.50 and a two-hundred day moving average price of $17.43.

Rivian Automotive (NASDAQ:RIVN) last posted 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 company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Equities research analysts anticipate that Rivian Automotive, Inc. will post -4.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on 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 directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 over the last ninety days. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Eaton Vance Management increased its position in shares of Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares during the last quarter. Gould Capital LLC increased its holdings in shares of Rivian Automotive by 32.6% during the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 500 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after acquiring an additional 515 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker’s stock worth $662,000 after acquiring an additional 577 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock worth $32,000 after acquiring an additional 585 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.