Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.2%

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.2% during trading on Wednesday . The company traded as high as $9.20 and last traded at $9.06. 13,150,852 shares were traded during trading, a decline of 69% from the average session volume of 42,480,000 shares. The stock had previously closed at $9.04.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RIVN. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $18.00 to $13.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Finally, Truist Financial reaffirmed a “hold” rating and set a $11.00 price objective on shares of Rivian Automotive in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

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 company has a 50-day simple moving average of $10.98 and a two-hundred day simple moving average of $15.60. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of -1.48 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 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. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.76 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The stock was 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 of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Caliber Wealth Management LLC boosted its stake in Rivian Automotive by 6.9% during the first quarter. Caliber Wealth Management LLC now owns 98,657 shares of the electric vehicle automaker’s stock valued at $1,080,000 after buying an additional 6,375 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Rivian Automotive by 14.5% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 184,100 shares of the electric vehicle automaker’s stock valued at $2,016,000 after purchasing an additional 23,300 shares during the period. Simplicity Wealth LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at $245,000. Avitas Wealth Management LLC boosted its position in shares of Rivian Automotive by 38.9% in the 1st quarter. Avitas Wealth Management LLC now owns 31,823 shares of the electric vehicle automaker’s stock valued at $348,000 after purchasing an additional 8,910 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 5.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 36,080 shares of the electric vehicle automaker’s stock valued at $395,000 after purchasing an additional 1,842 shares during the period. 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.