Rivian Automotive (NASDAQ:RIVN) Shares Up 1.4%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.4% on Tuesday . The company traded as high as $8.71 and last traded at $8.52. 19,952,991 shares changed hands during trading, a decline of 54% from the average session volume of 43,172,215 shares. The stock had previously closed at $8.40.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. DA Davidson cut their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Truist Financial reaffirmed a “hold” rating and issued a $11.00 target price on shares of Rivian Automotive in a research note on Friday. Wells Fargo & Company lowered their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Needham & Company LLC lowered their price objective on Rivian Automotive from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.91.

Rivian Automotive Price Performance

The firm has a 50 day moving average of $12.12 and a 200-day moving average of $16.24. The company has a market cap of $8.53 billion, a P/E ratio of -1.48 and a beta of 1.88. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last released 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. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.8 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred 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 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 available through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was 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 directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were 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 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 owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Moneta Group Investment Advisors LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at about $228,175,000. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter valued at about $129,427,000. State Street Corp boosted its stake in shares of Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock worth $298,304,000 after buying an additional 5,371,852 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.