Rivian Automotive (NASDAQ:RIVN) Trading Up 4.9% – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 4.9% on Monday . The company traded as high as $12.20 and last traded at $12.17. Approximately 10,165,248 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 36,892,614 shares. The stock had previously closed at $11.60.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RIVN. Needham & Company LLC lifted their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Barclays boosted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, Robert W. Baird reissued a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Performance

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 firm has a market capitalization of $13.66 billion, a price-to-earnings ratio of -2.56 and a beta of 2.03. The firm’s 50-day moving average price is $12.41 and its two-hundred day moving average price is $12.16.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,998 shares of company stock valued at $1,744,184. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC bought a new stake in Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter valued at approximately $28,000. Hantz Financial Services Inc. boosted its holdings in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth $34,000. 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.