Rivian Automotive (NASDAQ:RIVN) Shares Up 1.4%

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

Analysts Set New Price Targets

A number of brokerages have weighed in on RIVN. Truist Financial lifted their price target on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research note on Wednesday, June 26th. Wedbush lifted their price target on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Jefferies Financial Group began coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Rivian Automotive Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The firm has a 50 day simple moving average of $10.90 and a two-hundred day simple moving average of $13.32. The firm has a market capitalization of $14.74 billion, a P/E ratio of -2.62 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share 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 for the quarter, compared to the consensus estimate of $1.15 billion. Equities research analysts forecast that Rivian Automotive, Inc. will post -4.87 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC purchased a new stake in Rivian Automotive in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC increased its holdings in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the last quarter. Principal Securities Inc. purchased a new stake in Rivian Automotive in the 4th quarter worth about $33,000. Finally, Benjamin Edwards Inc. purchased a new stake in Rivian Automotive in the 1st quarter worth about $33,000. 66.25% of the stock is currently owned by institutional investors.

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.