Rivian Automotive (NASDAQ:RIVN) Shares Up 2.7%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 2.7% during mid-day trading on Thursday . The stock traded as high as $8.98 and last traded at $8.98. 11,303,127 shares were traded during trading, a decline of 74% from the average session volume of 43,033,254 shares. The stock had previously closed at $8.74.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RIVN. Bank of America decreased their target price on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research report on Tuesday. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, January 25th. Morgan Stanley lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Finally, Mizuho restated a “neutral” rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average target price of $19.70.

Rivian Automotive Trading Up 1.0 %

The business’s 50-day moving average is $11.85 and its two-hundred day moving average is $16.08. 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 $8.63 billion, a P/E ratio of -1.56 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations 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, analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 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 have recently bought and sold shares of the company. SteelPeak Wealth LLC bought a new position in Rivian Automotive in the 1st quarter valued at about $265,000. Vicus Capital increased its holdings in Rivian Automotive by 11.6% in the 1st quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock valued at $149,000 after buying an additional 1,422 shares during the period. RFG Holdings Inc. increased its holdings in Rivian Automotive by 74.7% in the 1st quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock valued at $196,000 after buying an additional 7,659 shares during the period. Austin Private Wealth LLC increased its holdings in Rivian Automotive by 64.7% in the 1st quarter. Austin Private Wealth LLC now owns 25,787 shares of the electric vehicle automaker’s stock valued at $272,000 after buying an additional 10,128 shares during the period. Finally, Strategic Planning Group LLC bought a new position in Rivian Automotive in the 1st quarter valued at about $867,000. 66.25% of the stock is owned by institutional investors.

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.