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

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

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of research reports. Cowen assumed coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating for the company. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Guggenheim dropped 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. Finally, Barclays raised their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Price Performance

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 stock has a 50 day moving average of $12.26 and a 200-day moving average of $12.14. The company has a market cap of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results 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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Equities 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 firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was 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 owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 in the last ninety days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in Rivian Automotive in the 4th quarter worth about $123,308,000. Soma Equity Partners LP boosted its position in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.