Rivian Automotive (NASDAQ:RIVN) Trading Up 2.9% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 2.9% during trading on Tuesday . The company traded as high as $17.08 and last traded at $16.76. Approximately 25,071,171 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 36,093,675 shares. The stock had previously closed at $16.29.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RIVN shares. Stifel Nicolaus upped their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Jefferies Financial Group reissued a “hold” rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. Benchmark reaffirmed a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 18th. Cowen started coverage on Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating for the company. Finally, Wells Fargo & Company dropped their target price on Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $14.24.

Rivian Automotive Price Performance

The firm has a fifty day moving average of $12.49 and a two-hundred day moving average of $12.57. 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 company has a market capitalization of $19.25 billion, a PE ratio of -3.57 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.43 billion. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 107,144 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer now directly owns 1,483,111 shares in the company, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now 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. Insiders sold 391,121 shares of company stock worth $5,299,517 over the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after buying an additional 133,781 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $1,363,000. Groupama Asset Managment purchased a new stake in shares of Rivian Automotive in the fourth quarter worth about $26,600,000. Twinbeech Capital LP bought a new position in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Finally, SG Americas Securities LLC raised its holdings in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock worth $2,404,000 after acquiring an additional 54,053 shares in the last quarter. 66.25% of the stock is currently owned by 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.