Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2% on Thursday . The company traded as high as $16.96 and last traded at $16.70. Approximately 18,135,883 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 43,835,449 shares. The stock had previously closed at $16.37.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Cantor Fitzgerald lifted their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. lifted their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. Needham & Company LLC boosted their target price on Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, Royal Bank of Canada upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.04.

Rivian Automotive Stock Up 2.4 %

The company has a market capitalization of $16.68 billion, a price-to-earnings ratio of -2.92 and a beta of 2.08. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The firm’s 50 day simple moving average is $11.66 and its 200-day simple moving average is $13.05.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have sold 214,287 shares of company stock worth $2,693,588. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. acquired a new position in Rivian Automotive during the fourth quarter worth about $26,000. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $33,000. Arlington Trust Co LLC purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $35,000. Fairman Group LLC acquired a new position in Rivian Automotive during the fourth quarter worth $36,000. Finally, Parkside Financial Bank & Trust boosted its position in Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares in 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.