Rivian Automotive (NASDAQ:RIVN) Shares Up 4.3%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 4.3% during mid-day trading on Friday . The stock traded as high as $8.92 and last traded at $8.89. Approximately 11,009,312 shares changed hands during trading, a decline of 74% from the average daily volume of 42,095,199 shares. The stock had previously closed at $8.52.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RIVN shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Mizuho reaffirmed a “neutral” rating and set a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, March 25th. Barclays decreased their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, April 19th. Truist Financial reaffirmed a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research report on Friday, April 12th. Finally, Jefferies Financial Group started coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Stock Up 6.1 %

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’s 50-day simple moving average is $10.83 and its two-hundred day simple moving average is $15.53. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of -1.57 and a beta of 1.88.

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 the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Sell-side analysts predict that Rivian Automotive, Inc. will post -4.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Kjell Gruner sold 19,935 shares of the 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 sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred 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 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. Over the last three months, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Stifel Financial Corp lifted its stake in shares of Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the period. CenterBook Partners LP purchased a new position in shares of Rivian Automotive during the third quarter valued at approximately $4,473,000. Atria Wealth Solutions Inc. lifted its stake in shares of Rivian Automotive by 448.0% during the third quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock valued at $5,569,000 after buying an additional 187,495 shares during the period. Morgan Stanley lifted its stake in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP purchased a new position in Rivian Automotive during the third quarter worth approximately $1,806,000. 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.