Rivian Automotive (NASDAQ:RIVN) Trading Up 0.4% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 0.4% during trading on Wednesday . The stock traded as high as $12.04 and last traded at $11.95. Approximately 5,259,148 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 36,611,990 shares. The stock had previously closed at $11.91.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Truist Financial lifted their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Finally, Cowen started coverage on shares of Rivian Automotive in a research note on Thursday, March 6th. They issued a “hold” rating for the company. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $14.17.

Rivian Automotive Stock Down 5.3 %

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.75 billion, a P/E ratio of -2.39 and a beta of 1.89. The company has a fifty day moving average price of $11.96 and a 200-day moving average price of $12.06.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. The trade was a 3.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,237,044 in the last 90 days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the stock. Dimension Capital Management LLC increased its stake in shares of Rivian Automotive by 5.5% during the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 819 shares during the period. Tradition Wealth Management LLC grew its position in Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after purchasing an additional 849 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Rivian Automotive by 1.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after acquiring an additional 867 shares during the last quarter. RFG Holdings Inc. grew its position in Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock valued at $296,000 after buying an additional 1,096 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock valued at $354,000 after purchasing an additional 1,160 shares in the last quarter. 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.