Rivian Automotive (NASDAQ:RIVN) Shares Up 1.3% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.3% on Wednesday . The company traded as high as $10.68 and last traded at $10.58. 9,598,422 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 40,129,234 shares. The stock had previously closed at $10.44.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RIVN. Barclays raised their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Guggenheim assumed coverage on Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target on the stock. Finally, Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.91.

Rivian Automotive Trading Down 3.7 %

The company has a 50 day moving average of $13.43 and a 200 day moving average of $12.29. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market cap of $10.33 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.92 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 512,734 shares of company stock valued at $8,038,565 in the last 90 days. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Fairman Group LLC bought a new position in Rivian Automotive in the 4th quarter valued at $36,000. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Rivian Automotive during the fourth quarter worth $51,000. EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the second quarter worth $37,000. 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.