Rivian Automotive (NASDAQ:RIVN) Shares Gap Up to $10.33

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) gapped up before the market opened on Tuesday . The stock had previously closed at $10.33, but opened at $11.14. Rivian Automotive shares last traded at $10.58, with a volume of 20,912,388 shares.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RIVN. Robert W. Baird decreased their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, February 22nd. The Goldman Sachs Group decreased their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Barclays cut their target price on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research note on Tuesday, April 16th. Finally, Morgan Stanley dropped their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.00.

Rivian Automotive Price Performance

The stock’s fifty day moving average price is $10.33 and its 200-day moving average price is $14.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of -1.78 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.28 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -4.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 407,787 shares of the company’s stock, valued at $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 news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction on 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 approximately $690,829.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive 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 sale, the insider now directly owns 407,787 shares of the company’s stock, 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 worth $717,274 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC increased its position in Rivian Automotive by 21.0% in the 1st quarter. Kingsview Wealth Management LLC now owns 12,109 shares of the electric vehicle automaker’s stock worth $133,000 after buying an additional 2,101 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Rivian Automotive by 14.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 501,055 shares of the electric vehicle automaker’s stock worth $5,487,000 after purchasing an additional 62,199 shares during the last quarter. New Insight Wealth Advisors increased its holdings in shares of Rivian Automotive by 88.3% during the 1st quarter. New Insight Wealth Advisors now owns 83,645 shares of the electric vehicle automaker’s stock worth $916,000 after purchasing an additional 39,220 shares during the period. Entropy Technologies LP bought a new stake in shares of Rivian Automotive in the first quarter valued at about $5,389,000. Finally, Bleakley Financial Group LLC grew its position in Rivian Automotive by 127.1% during the first quarter. Bleakley Financial Group LLC now owns 22,357 shares of the electric vehicle automaker’s stock worth $245,000 after buying an additional 12,514 shares in 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.