Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 3.3% during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $18.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as high as $14.98 and last traded at $14.74. 11,889,481 shares were traded during trading, a decline of 67% from the average session volume of 36,169,343 shares. The stock had previously closed at $14.26.
A number of other research firms also recently issued reports on RIVN. Truist Financial increased their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Benchmark reiterated a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. UBS Group raised their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Cantor Fitzgerald restated a "neutral" rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 7th. Finally, TD Cowen assumed coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 target price on the stock. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $14.16.
View Our Latest Report on RIVN
Insider Activity at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $10,082,590.02. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,154,905 in the last 90 days. Corporate insiders own 2.51% of the company's stock.
Institutional Trading of Rivian Automotive
Institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors purchased a new stake in Rivian Automotive in the fourth quarter worth $144,030,000. Norges Bank purchased a new stake in Rivian Automotive in the fourth quarter worth $123,308,000. Vanguard Group Inc. increased its position in Rivian Automotive by 7.8% in the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Northern Trust Corp increased its position in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in Rivian Automotive in the first quarter worth $33,582,000. 66.25% of the stock is owned by hedge funds and other institutional investors.
Rivian Automotive Stock Performance
The company has a market capitalization of $16.79 billion, a PE ratio of -3.15 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average price of $12.13 and a two-hundred day moving average price of $12.41.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.
Rivian Automotive Company Profile
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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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