Rivian Automotive (NASDAQ:RIVN) Shares Up 2.9% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 2.9% during trading on Tuesday . The stock traded as high as $17.08 and last traded at $16.76. 25,071,171 shares were traded during mid-day trading, a decline of 31% from the average session volume of 36,093,675 shares. The stock had previously closed at $16.29.

Analysts Set New Price Targets

A number of brokerages have recently commented on RIVN. Bank of America cut Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. TD Cowen started coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Robert W. Baird decreased their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Stifel Nicolaus upped their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $14.24.

Rivian Automotive Stock Up 4.5%

The firm has a market capitalization of $19.25 billion, a price-to-earnings ratio of -3.57 and a beta of 1.86. 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 business has a fifty day moving average price of $12.49 and a two-hundred day moving average price of $12.57.

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

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction 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 sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the transaction, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at $22,780,584.96. The trade was a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 391,121 shares of company stock valued at $5,299,517. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its position in Rivian Automotive by 21.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 59,385 shares of the electric vehicle automaker’s stock worth $790,000 after acquiring an additional 10,408 shares during the period. HB Wealth Management LLC grew its stake in shares of Rivian Automotive by 174.9% in the fourth quarter. HB Wealth Management LLC now owns 63,274 shares of the electric vehicle automaker’s stock worth $842,000 after acquiring an additional 40,256 shares in the last quarter. Grove Bank & Trust purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $62,000. Diversify Advisory Services LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $548,000. Finally, SG Americas Securities LLC boosted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker’s stock valued at $2,404,000 after purchasing an additional 54,053 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.