Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 2.4% during mid-day trading on Thursday . The stock traded as high as $15.77 and last traded at $15.61. 23,412,363 shares changed hands during trading, a decline of 25% from the average session volume of 31,385,252 shares. The stock had previously closed at $15.25.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIVN. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research note on Monday, February 9th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Wells Fargo & Company increased their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Nine analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.10.

Rivian Automotive Price Performance

The company has a 50-day moving average of $17.11 and a 200-day moving average of $15.54. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The stock has a market cap of $19.02 billion, a price-to-earnings ratio of -4.99 and a beta of 1.76.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the business posted ($0.70) EPS. The company’s revenue was down 25.8% on a year-over-year basis. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the transaction, the director directly owned 29,122 shares in the company, valued at $566,422.90. The trade was a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 34,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $586,320.00. Following the transaction, the chief executive officer owned 1,044,731 shares in the company, valued at $17,551,480.80. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 164,737 shares of company stock valued at $2,922,209 over the last quarter. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. AQR Capital Management LLC grew its stake in Rivian Automotive by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after acquiring an additional 5,590 shares during the period. Empowered Funds LLC increased its stake in Rivian Automotive by 10.1% in the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after purchasing an additional 4,998 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.