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

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RIVN shares. Guggenheim lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Needham & Company LLC boosted their price target 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. Benchmark restated a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday. Mizuho reduced their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Wells Fargo & Company boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $14.64.

Rivian Automotive Price Performance

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

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

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock valued at $2,735,619. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the stock. Tandem Financial LLC bought a new position in Rivian Automotive in the fourth quarter worth about $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter worth about $28,000. Orion Capital Management LLC purchased a new stake in Rivian Automotive in the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. grew its holdings in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. 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.