Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares rose 7.3% during trading on Tuesday . The stock traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the stock. Piper Sandler cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $19.00 to $13.00 in a report on Thursday, March 20th. Needham & Company LLC raised their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, February 21st. TD Cowen started coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Wells Fargo & Company boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Finally, Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and a consensus target price of $14.38.
Read Our Latest Stock Report on RIVN
Rivian Automotive Trading Down 2.8 %
The stock has a market cap of $12.68 billion, a PE ratio of -2.37 and a beta of 1.89. The company's 50-day moving average price is $12.17 and its 200 day moving average price is $12.09. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.
Insiders Place Their Bets
In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This represents a 7.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at $34,000. Finally, Bear Mountain Capital Inc. lifted its position in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock worth $36,000 after purchasing an additional 1,932 shares during the period. Institutional investors and hedge funds own 66.25% of the company's stock.
About Rivian Automotive
(
Get Free Report)
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.
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