Rivian Automotive (NASDAQ:RIVN) Shares Up 4.4% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 4.4% during trading on Tuesday . The stock traded as high as $12.18 and last traded at $11.70. Approximately 16,722,087 shares changed hands during trading, a decline of 55% from the average daily volume of 37,151,239 shares. The stock had previously closed at $11.21.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Cowen began coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating on the stock. Needham & Company LLC increased their target price on 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 target on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Finally, Piper Sandler cut shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Down 5.3 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $12.14 and a two-hundred day simple moving average of $12.07. The firm has a market capitalization of $12.01 billion, a P/E ratio of -2.26 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last issued its 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 company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, 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 sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction 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 directly owns 335,076 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 113,998 shares of company stock worth $1,433,468. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the business. Capital International Investors purchased a new stake in Rivian Automotive during the 4th quarter worth approximately $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $123,308,000. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the period. Twinbeech Capital LP purchased a new position in Rivian Automotive in the 4th quarter worth $29,944,000. Finally, Groupama Asset Managment purchased a new stake in Rivian Automotive during the 4th quarter valued at about $26,600,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.