Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.4%

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.4% during mid-day trading on Wednesday . The stock traded as high as $15.31 and last traded at $15.10. Approximately 22,912,068 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 43,616,082 shares. The stock had previously closed at $14.89.

Wall Street Analyst Weigh In

RIVN has been the topic of several recent research reports. Mizuho lowered their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 8th. Piper Sandler restated an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Finally, UBS Group boosted their price objective on shares of Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Stock Down 1.6 %

The stock’s fifty day moving average price is $11.14 and its two-hundred day moving average price is $13.34. 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 released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, research analysts forecast that Rivian Automotive, Inc. will post -4.87 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in Rivian Automotive by 35.7% in the 4th 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 period. Vanguard Group Inc. boosted 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. boosted its stake in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares during the last quarter. Morgan Stanley boosted its stake in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rivian Automotive by 1,521.2% in the 1st 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 purchasing an additional 5,937,605 shares during 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.