Rivian Automotive (NASDAQ:RIVN) Trading 3.6% Higher

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 3.6% during mid-day trading on Monday . The company traded as high as $10.88 and last traded at $10.69. 7,663,386 shares were traded during trading, a decline of 81% from the average session volume of 39,829,117 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIVN. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday. 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. Morgan Stanley reiterated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a report on Wednesday. Jefferies Financial Group assumed coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Guggenheim initiated coverage on shares of Rivian Automotive in a report on Tuesday. They set a “buy” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.17.

Rivian Automotive Stock Up 23.2 %

The firm has a market cap of $14.67 billion, a price-to-earnings ratio of -2.52 and a beta of 2.01. The business’s 50-day moving average is $10.35 and its 200-day moving average is $13.54. 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 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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Rivian Automotive by 240.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after purchasing an additional 193,345 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Rivian Automotive by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after buying an additional 9,508 shares during the period. EULAV Asset Management raised its stake in shares of Rivian Automotive by 33.3% during the first quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after buying an additional 170,000 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Rivian Automotive by 571.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after acquiring an additional 428,050 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.