Rivian Automotive (NASDAQ:RIVN) Shares Climb 2.1% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 2.1% on Monday. The stock traded as high as $14.62 and last traded at $14.60. Approximately 24,007,472 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 29,520,510 shares. The stock had previously closed at $14.30.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus set a $22.00 target price on shares of Rivian Automotive in a report on Monday, August 24th. BNP Paribas Exane increased their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. TD Cowen raised their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Finally, Citigroup started coverage on Rivian Automotive in a research note on Monday, September 14th. They set a “hold” rating and a $18.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Price Performance

The firm has a fifty day moving average of $15.64 and a two-hundred day moving average of $15.86. The stock has a market capitalization of $21.01 billion, a P/E ratio of -5.62 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the business posted ($0.97) EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, analysts predict that Rivian Automotive, Inc. will post -2.96 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire McDonough sold 13,144 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael John Callahan sold 15,000 shares of Rivian Automotive stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $15.00, for a total value of $225,000.00. Following the completion of the transaction, the insider owned 1,001,776 shares in the company, valued at $15,026,640. This represents a 1.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 51,167 shares of company stock valued at $788,306 in the last three months. 1.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the stock. MCF Advisors LLC raised its holdings in Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,750 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new stake in shares of Rivian Automotive in the 1st quarter valued at about $39,000. Ancora Advisors LLC bought a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $44,000. Osbon Capital Management LLC bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $57,000. Finally, Continuum Advisory LLC purchased a new stake in Rivian Automotive during the second quarter valued at approximately $75,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.