Rivian Automotive (NASDAQ:RIVN) Trading Up 3.7% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 3.7% on Tuesday . The company traded as high as $11.50 and last traded at $11.42. 8,845,558 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 36,886,133 shares. The stock had previously closed at $11.02.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIVN. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Needham & Company LLC upped their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Wells Fargo & Company increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. Finally, Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $14.64.

Rivian Automotive Stock Up 3.9 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm has a market capitalization of $12.95 billion, a P/E ratio of -2.43 and a beta of 2.03. The company’s 50-day simple moving average is $12.65 and its two-hundred day simple moving average is $12.23.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,735,619 in the last three months. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the stock. Lansforsakringar Fondforvaltning AB publ purchased a new position in Rivian Automotive during the fourth quarter valued at $3,198,000. PKO Investment Management Joint Stock Co purchased a new position in Rivian Automotive during the fourth quarter valued at $479,000. Siemens Fonds Invest GmbH purchased a new position in Rivian Automotive during the fourth quarter valued at $145,000. Gould Capital LLC grew its stake in Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after acquiring an additional 3,280 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC purchased a new position in Rivian Automotive during the fourth quarter valued at $206,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.