Rivian Automotive (NASDAQ:RIVN) Shares Up 2.9%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.9% on Thursday . The stock traded as high as $9.63 and last traded at $9.48. 6,997,135 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 41,360,410 shares. The stock had previously closed at $9.21.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIVN. Robert W. Baird lowered their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Mizuho reiterated a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a report on Monday, March 25th. DA Davidson reduced their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Stifel Nicolaus lowered their target price on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, February 26th. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.57.

Rivian Automotive Stock Performance

The company has a market cap of $9.61 billion, a price-to-earnings ratio of -1.73 and a beta of 1.91. The firm’s 50 day simple moving average is $10.43 and its 200-day simple moving average is $15.29. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share 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 analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -4.76 EPS for the current year.

Insider Activity

In related news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now owns 407,787 shares of the company’s stock, valued at $5,223,751.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction dated 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 $690,829.70. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Ancora Advisors LLC purchased a new stake in Rivian Automotive in the third quarter valued at $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $26,000. First Horizon Advisors Inc. raised its holdings in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 1,245 shares during the period. Principal Securities Inc. acquired a new position in Rivian Automotive in the fourth quarter valued at about $33,000. Finally, Arlington Trust Co LLC purchased a new position in Rivian Automotive during the fourth quarter worth about $35,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.