Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.3% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 7.3% during mid-day trading on Tuesday . The stock traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.

Analyst Ratings Changes

Several brokerages have commented on RIVN. Needham & Company LLC upped their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Benchmark restated a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 5.6 %

The stock has a market cap of $14.86 billion, a price-to-earnings ratio of -2.79 and a beta of 2.03. The firm’s 50-day moving average is $12.22 and its 200 day moving average is $12.11. 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 earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Lansforsakringar Fondforvaltning AB publ acquired a new position in shares of Rivian Automotive during the fourth quarter worth $3,198,000. PKO Investment Management Joint Stock Co purchased a new position in Rivian Automotive in the 4th quarter valued at about $479,000. Siemens Fonds Invest GmbH acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $145,000. Gould Capital LLC increased its position in shares of Rivian Automotive by 87.6% during the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares during the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $206,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.