Rivian Automotive (NASDAQ:RIVN) Trading 7.2% Higher – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 7.2% during trading on Thursday . The company traded as high as $12.86 and last traded at $12.97. 14,029,086 shares were traded during trading, a decline of 62% from the average session volume of 36,768,880 shares. The stock had previously closed at $12.10.

Analyst Ratings Changes

Several research analysts recently weighed in on RIVN shares. Barclays upped 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. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Down 4.7 %

The stock has a market capitalization of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03. 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 business’s 50-day moving average is $12.26 and its two-hundred day moving average is $12.14.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % 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 $2,588,475. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Rivian Automotive during the 4th quarter worth about $3,198,000. PKO Investment Management Joint Stock Co acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $479,000. Siemens Fonds Invest GmbH purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $145,000. Gould Capital LLC grew its stake in Rivian Automotive by 87.6% in the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in Rivian Automotive in the 4th quarter valued at $206,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.