Rivian Automotive (NASDAQ:RIVN) Trading Up 0.2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 0.2% during trading on Monday . The stock traded as high as $11.43 and last traded at $11.20. Approximately 7,377,089 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 37,428,633 shares. The stock had previously closed at $11.17.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RIVN shares. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday. They issued a “hold” rating and a $12.70 price objective for the company. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. UBS Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Truist Financial upped their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $14.73.

Rivian Automotive Stock Performance

The company has a market cap of $12.39 billion, a PE ratio of -2.32 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock’s 50-day simple moving average is $13.06 and its 200 day simple moving average is $12.36.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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 firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RIVN. Farther Finance Advisors LLC raised its holdings in shares of Rivian Automotive by 150.2% in the third quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 9,357 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Rivian Automotive by 1,090.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 169,384 shares of the electric vehicle automaker’s stock valued at $1,900,000 after purchasing an additional 155,150 shares during the period. QRG Capital Management Inc. acquired a new position in shares of Rivian Automotive during the 3rd quarter valued at about $338,000. Capital Performance Advisors LLP acquired a new position in Rivian Automotive during the third quarter worth approximately $44,000. Finally, Meritage Portfolio Management increased its holdings in shares of Rivian Automotive by 11.5% during the 3rd quarter. Meritage Portfolio Management now owns 83,133 shares of the electric vehicle automaker’s stock worth $933,000 after buying an additional 8,556 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.