Rivian Automotive (NASDAQ:RIVN) Shares Up 4.3%

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 4.3% on Friday . The company traded as high as $8.92 and last traded at $8.89. 11,009,312 shares traded hands during trading, a decline of 74% from the average session volume of 42,095,199 shares. The stock had previously closed at $8.52.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Bank of America dropped their price target on Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus dropped their price target on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Barclays lowered their target price on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, April 19th. Finally, Truist Financial reissued a “hold” rating and set a $11.00 target price 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 given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Price Performance

The company has a fifty day moving average of $10.83 and a 200 day moving average of $15.53. The firm has a market capitalization of $8.84 billion, a P/E ratio of -1.57 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly 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 firm had revenue of $1.32 billion for 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%. Sell-side 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, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is available through 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 owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the company. Caliber Wealth Management LLC raised its position in Rivian Automotive by 6.9% in the 1st 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 during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in 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 buying an additional 23,300 shares during the last quarter. Simplicity Wealth LLC purchased a new stake in Rivian Automotive in the 1st quarter valued at $245,000. Avitas Wealth Management LLC raised its position in 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 buying an additional 8,910 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in 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 buying an additional 1,842 shares during the last quarter. 66.25% of the stock is currently 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.