Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s share price shot up 3.2% during mid-day trading on Monday . The company traded as high as $15.45 and last traded at $15.33. 23,680,619 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 30,779,799 shares. The stock had previously closed at $14.86.

Rivian Automotive News Summary

Here are the key news stories impacting Rivian Automotive this week:

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RIVN. Wells Fargo & Company lifted their price target on Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, February 13th. Deutsche Bank Aktiengesellschaft upgraded Rivian Automotive from a “hold” rating to a “buy” rating and upped their price objective for the company from $16.00 to $23.00 in a research note on Friday, February 13th. Bank of America initiated coverage on Rivian Automotive in a report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price on the stock. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Finally, Piper Sandler reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.00.

View Our Latest Stock Report on RIVN

Rivian Automotive Trading Down 1.8%

The firm has a market cap of $19.27 billion, a P/E ratio of -5.06 and a beta of 1.75. The business’s 50-day moving average is $15.95 and its two-hundred day moving average is $15.82. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last issued its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.02. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. Rivian Automotive’s revenue was down 25.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.70) earnings per share. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 1,044,731 shares of the company’s stock, valued at $17,551,480.80. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 131,833 shares of company stock valued at $2,298,729 in the last 90 days. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Illinois Municipal Retirement Fund boosted its stake in Rivian Automotive by 1.6% during the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares during the period. Merit Financial Group LLC increased its stake in shares of Rivian Automotive by 3.2% in the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Rivian Automotive by 36.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after buying an additional 739 shares during the last quarter. Utah Retirement Systems raised its holdings in shares of Rivian Automotive by 0.6% during the fourth quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock valued at $2,533,000 after buying an additional 744 shares during the last quarter. Finally, Tradition Wealth Management LLC boosted its position in shares of Rivian Automotive by 5.7% during the fourth quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock worth $277,000 after buying an additional 753 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

(Get Free Report)

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.

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