Rivian Automotive (NASDAQ:RIVN) Trading 7.2% Higher – Should You Buy?

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

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent analyst reports. Cowen began coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Truist Financial raised their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Mizuho cut their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Finally, Piper Sandler cut Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Stock Performance

The firm has a 50-day simple moving average of $12.32 and a two-hundred day simple moving average of $12.14. 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 $14.53 billion, a price-to-earnings ratio of -2.72 and a beta of 2.03.

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

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Empowered Funds LLC lifted its position in Rivian Automotive by 59.1% during the 3rd quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after acquiring an additional 6,860 shares during the last quarter. Quest Partners LLC increased its stake in shares of Rivian Automotive by 109.0% in the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after purchasing an additional 7,273 shares during the period. Pathstone Holdings LLC lifted its position in shares of Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after purchasing an additional 9,187 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rivian Automotive during the 3rd quarter valued at approximately $570,000. Finally, Advisors Asset Management Inc. grew its holdings in Rivian Automotive by 19.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock valued at $462,000 after buying an additional 6,620 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.