Rivian Automotive (NASDAQ:RIVN) Shares Up 6.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 6.2% during trading on Thursday . The company traded as high as $12.09 and last traded at $12.10. Approximately 11,464,040 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 34,484,996 shares. The stock had previously closed at $11.40.

Wall Street Analyst Weigh In

Several research analysts recently commented on RIVN shares. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Needham & Company LLC lifted their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Barclays boosted 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 note on Wednesday, January 22nd. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target for the company. Finally, Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Stock Performance

The business’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $12.46. The firm has a market cap of $11.84 billion, a P/E ratio of -2.46 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates 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, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s 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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning raised its holdings in Rivian Automotive by 6.7% during the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock valued at $1,298,000 after buying an additional 7,236 shares during the period. Blue Trust Inc. lifted its position in shares of Rivian Automotive by 40.3% during the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock worth $51,000 after purchasing an additional 1,301 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Rivian Automotive during the third quarter valued at $112,000. International Assets Investment Management LLC grew its holdings in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Rivian Automotive by 33.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 48,977 shares of the electric vehicle automaker’s stock valued at $550,000 after buying an additional 12,293 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other 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.