Rivian Automotive (NASDAQ:RIVN) Trading 4.7% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 4.7% during trading on Friday . The stock traded as high as $11.22 and last traded at $11.40. Approximately 8,332,510 shares changed hands during trading, a decline of 77% from the average daily volume of 36,816,648 shares. The stock had previously closed at $10.88.

Analysts Set New Price Targets

RIVN has been the topic of several recent analyst reports. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. TD Cowen started coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 target price on the stock. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. UBS Group upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, Cowen began coverage on shares of Rivian Automotive in a report on Thursday, March 6th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Performance

The stock has a market cap of $13.12 billion, a P/E ratio of -2.46 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm’s 50-day moving average price is $12.41 and its 200-day moving average price is $12.17.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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 firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business’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 sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock worth $2,735,619 over the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. increased its position in Rivian Automotive by 59.0% during the third quarter. Oppenheimer & Co. Inc. now owns 25,451 shares of the electric vehicle automaker’s stock valued at $286,000 after acquiring an additional 9,441 shares during the last quarter. Empowered Funds LLC increased its position in Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock valued at $207,000 after acquiring an additional 6,860 shares during the last quarter. Quest Partners LLC increased its position in Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock valued at $156,000 after acquiring an additional 7,273 shares during the last quarter. Pathstone Holdings LLC increased its position in Rivian Automotive by 8.4% during the third quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after acquiring an additional 9,187 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in Rivian Automotive during the third quarter valued at $665,000. 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.