Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2% during mid-day trading on Wednesday . The stock traded as high as $10.94 and last traded at $10.68. 11,921,167 shares were traded during trading, a decline of 70% from the average session volume of 40,032,246 shares. The stock had previously closed at $10.47.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. increased their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research note on Wednesday, June 26th. Needham & Company LLC reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Truist Financial increased their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. Finally, Guggenheim began coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $17.68.

Rivian Automotive Price Performance

The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average of $12.86 and a 200-day moving average of $12.26. The stock has a market capitalization of $10.34 billion, a price-to-earnings ratio of -1.72 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities research analysts predict that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 241,305 shares of company stock worth $3,369,273. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal London Asset Management Ltd. increased its stake in shares of Rivian Automotive by 19.6% during the 2nd quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after purchasing an additional 49,216 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the period. SteelPeak Wealth LLC acquired a new position in Rivian Automotive in the first quarter valued at $265,000. Susquehanna Fundamental Investments LLC purchased a new position in Rivian Automotive during the second quarter worth about $9,388,000. Finally, Berkshire Capital Holdings Inc. boosted its stake in Rivian Automotive by 3,511,500.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock worth $8,238,000 after buying an additional 351,150 shares during the last quarter. 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.