Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.1% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 2.1% on Monday. The company traded as high as $14.62 and last traded at $14.60. Approximately 24,007,472 shares changed hands during trading, a decline of 19% from the average daily volume of 29,520,510 shares. The stock had previously closed at $14.30.

Analyst Ratings Changes

RIVN has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Citigroup assumed coverage on shares of Rivian Automotive in a research report on Monday, September 14th. They set a “hold” rating and a $18.00 price target for the company. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Wells Fargo & Company upped their price objective on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Twelve research 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 data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Stock Performance

The business’s fifty day moving average price is $15.73 and its 200-day moving average price is $15.87. 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 has a market cap of $21.14 billion, a PE ratio of -5.66 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm’s quarterly revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.97) earnings per share. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -2.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, insider Michael John Callahan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the transaction, the insider directly owned 1,001,776 shares of the company’s stock, valued at approximately $15,026,640. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 819,178 shares in the company, valued at approximately $13,106,848. The trade was a 0.97% 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. In the last ninety days, insiders sold 51,167 shares of company stock valued at $788,306. 1.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Capital International Investors lifted its position in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 worth $111,896,000 after buying an additional 25,382 shares during the period. Alpine Global Management LLC lifted its position in shares of Rivian Automotive by 0.7% during the 4th quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock valued at $51,804,000 after buying an additional 17,564 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Rivian Automotive in the second quarter worth approximately $49,915,000. Finally, Hsbc Holdings PLC increased its stake in Rivian Automotive by 55.8% in the 1st quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after buying an additional 1,109,171 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.