Rivian Automotive (NASDAQ:RIVN) Trading 0.4% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 0.4% during trading on Wednesday . The company traded as high as $12.04 and last traded at $11.95. 5,259,148 shares traded hands during trading, a decline of 86% from the average session volume of 36,611,990 shares. The stock had previously closed at $11.91.

Analyst Upgrades and Downgrades

Several research firms have commented on RIVN. Cowen assumed coverage on Rivian Automotive in a report on Thursday, March 6th. They set a “hold” rating on the stock. Wells Fargo & Company boosted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, February 21st. TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Truist Financial increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $14.17.

Rivian Automotive Stock Up 1.0 %

The business’s fifty day simple moving average is $11.91 and its two-hundred day simple moving average is $12.06. The company has a market cap of $13.12 billion, a PE ratio of -2.46 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were 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 of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,237,044 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. QRG Capital Management Inc. increased its stake in shares of Rivian Automotive by 46.1% in the 1st quarter. QRG Capital Management Inc. now owns 44,498 shares of the electric vehicle automaker’s stock worth $554,000 after acquiring an additional 14,045 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Rivian Automotive by 50.0% during the first quarter. Janney Montgomery Scott LLC now owns 90,308 shares of the electric vehicle automaker’s stock worth $1,124,000 after purchasing an additional 30,088 shares during the last quarter. Abound Wealth Management raised its stake in Rivian Automotive by 218.0% during the first quarter. Abound Wealth Management now owns 4,426 shares of the electric vehicle automaker’s stock worth $55,000 after purchasing an additional 3,034 shares during the period. Brighton Jones LLC boosted its holdings in Rivian Automotive by 97.7% in the 1st quarter. Brighton Jones LLC now owns 34,955 shares of the electric vehicle automaker’s stock valued at $435,000 after purchasing an additional 17,270 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC grew its stake in shares of Rivian Automotive by 9.6% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 21,515 shares of the electric vehicle automaker’s stock valued at $268,000 after buying an additional 1,892 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.