Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 0.4% on Wednesday . The company traded as high as $12.66 and last traded at $12.41. 9,674,164 shares were traded during trading, a decline of 74% from the average session volume of 36,749,474 shares. The stock had previously closed at $12.36.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Barclays increased their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Finally, Cowen initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average 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 company’s 50 day moving average price is $12.36 and its 200-day moving average price is $12.14. The company has a market cap of $13.78 billion, a price-to-earnings ratio of -2.58 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for 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%. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock worth $1,744,184 in the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Lansforsakringar Fondforvaltning AB publ acquired a new position in Rivian Automotive during the fourth quarter valued at $3,198,000. PKO Investment Management Joint Stock Co purchased a new position in Rivian Automotive during the 4th quarter valued at about $479,000. Siemens Fonds Invest GmbH acquired a new position in shares of Rivian Automotive in the 4th quarter valued at about $145,000. Gould Capital LLC lifted its position in shares of Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after purchasing an additional 3,280 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $206,000. Hedge funds and other 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.