Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.3%

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 4.3% during trading on Friday . The stock traded as high as $8.92 and last traded at $8.89. Approximately 11,009,312 shares were traded during trading, a decline of 74% from the average daily volume of 42,095,199 shares. The stock had previously closed at $8.52.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Barclays cut their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $23.00 price target on shares of Rivian Automotive in a research report on Wednesday, April 3rd. Evercore ISI decreased their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Finally, Mizuho restated a “neutral” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, ten 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 “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

The business has a 50-day moving average price of $10.98 and a 200 day moving average price of $15.60. The stock has a market cap of $8.84 billion, a PE ratio of -1.55 and a beta of 1.88. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last issued 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. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. As a group, research analysts forecast that Rivian Automotive, Inc. will post -4.76 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction 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 sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction 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 $5,223,751.47. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. AE Wealth Management LLC raised its holdings in shares of Rivian Automotive by 150.2% in the 3rd quarter. AE Wealth Management LLC now owns 49,084 shares of the electric vehicle automaker’s stock valued at $1,192,000 after acquiring an additional 29,464 shares in the last quarter. Private Trust Co. NA raised its stake in Rivian Automotive by 2,117.6% in the third quarter. Private Trust Co. NA now owns 1,885 shares of the electric vehicle automaker’s stock valued at $46,000 after purchasing an additional 1,800 shares in the last quarter. Caprock Group LLC bought a new stake in Rivian Automotive during the third quarter valued at approximately $479,000. UMB Bank n.a. grew its stake in Rivian Automotive by 61.6% in the 3rd quarter. UMB Bank n.a. now owns 3,038 shares of the electric vehicle automaker’s stock worth $74,000 after buying an additional 1,158 shares in the last quarter. Finally, Clarius Group LLC increased its holdings in shares of Rivian Automotive by 71.0% in the 3rd quarter. Clarius Group LLC now owns 22,566 shares of the electric vehicle automaker’s stock worth $548,000 after buying an additional 9,371 shares during the last quarter. 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.