Rivian Automotive (NASDAQ:RIVN) Shares Up 4.5% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 4.5% during mid-day trading on Friday . The stock traded as high as $13.59 and last traded at $13.57. 44,613,500 shares were traded during trading, an increase of 24% from the average session volume of 35,990,832 shares. The stock had previously closed at $12.99.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. The Goldman Sachs Group increased their price target on Rivian Automotive from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Zacks Research lowered Rivian Automotive from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $13.76.

Rivian Automotive Stock Performance

The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $16.47 billion, a P/E ratio of -4.20 and a beta of 1.82. The company’s 50 day moving average is $13.81 and its 200-day moving average is $13.59.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the company earned ($1.46) EPS. Rivian Automotive’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 42,147 shares of company stock valued at $577,593. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Rivian Automotive by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock valued at $1,086,507,000 after acquiring an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after buying an additional 689,045 shares during the last quarter. Northern Trust Corp raised its position in Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after buying an additional 809,064 shares during the last quarter. Norges Bank bought a new position in Rivian Automotive during the 2nd quarter valued at $105,629,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 15.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after acquiring an additional 799,030 shares during the last quarter. 66.25% of the stock is 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.