Rivian Automotive (NASDAQ:RIVN) Trading 2.5% Higher – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 2.5% during mid-day trading on Monday . The company traded as high as $15.65 and last traded at $15.36. Approximately 19,468,574 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 29,627,283 shares. The stock had previously closed at $14.99.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a report on Monday, August 10th. UBS Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. TD Cowen raised their price objective on Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research report on Tuesday, August 4th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The stock’s 50-day simple moving average is $16.16 and its two-hundred day simple moving average is $15.91. The stock has a market cap of $22.24 billion, a price-to-earnings ratio of -5.95 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.03. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The firm’s revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.97) EPS. Analysts forecast that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares of the company’s stock, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The transaction 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. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total value of $190,588.00. Following the completion of the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This represents a 1.56% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 56,167 shares of company stock worth $963,306 over the last three months. 1.48% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors raised its stake in shares of Rivian Automotive by 13.2% in the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Rivian Automotive by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after acquiring an additional 59,503 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter valued at about $220,323,000. Dimensional Fund Advisors LP increased its stake in Rivian Automotive by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock valued at $111,896,000 after acquiring an additional 25,382 shares during the period. Finally, Legal & General Group Plc raised its position in Rivian Automotive by 5.2% in the fourth quarter. Legal & General Group Plc now owns 4,536,169 shares of the electric vehicle automaker’s stock worth $89,408,000 after purchasing an additional 224,435 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.