Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.5%

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 0.5% during mid-day trading on Wednesday . The stock traded as high as $11.21 and last traded at $11.02. Approximately 20,047,831 shares traded hands during trading, a decline of 26% from the average daily volume of 27,189,488 shares. The stock had previously closed at $10.96.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler raised shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Morgan Stanley reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Finally, UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research report on Tuesday, April 16th. One equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Rivian Automotive Price Performance

The firm’s 50 day moving average is $10.21 and its 200 day moving average is $13.76. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -4.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Federated Hermes Inc. raised its holdings in shares of Rivian Automotive by 8.2% during the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after buying an additional 651 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Rivian Automotive by 5.3% during the third quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after acquiring an additional 668 shares in the last quarter. Laidlaw Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after acquiring an additional 718 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its stake in shares of Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after purchasing an additional 727 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Rivian Automotive by 86.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 784 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.