Rivian Automotive (NASDAQ:RIVN) Trading 0.5% Higher

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 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 changed hands during mid-day 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 Analysts Forecast Growth

A number of equities analysts have recently commented on RIVN shares. DA Davidson reduced their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 8th. Evercore ISI dropped their price objective on Rivian Automotive from $35.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, February 22nd. Bank of America decreased their target price on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. lowered shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Rivian Automotive Trading Down 6.3 %

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

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

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Morgan Stanley lifted its position in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares in the last quarter. 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.