Rivian Automotive (NASDAQ:RIVN) Trading 3% Higher – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 3% on Tuesday . The company traded as high as $17.78 and last traded at $17.76. 25,466,060 shares changed hands during trading, a decline of 20% from the average daily volume of 31,883,133 shares. The stock had previously closed at $17.24.

More Rivian Automotive News

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

• Positive Sentiment: One analysis argued Rivian still has long-term upside, pointing to factors that could support its business beyond the current EV downturn. 3 Big Reasons to Believe in Rivian Stock Long-Term
• Positive Sentiment: Another article noted Rivian has made progress on gross profitability, an important milestone for EV startups trying to prove the business can scale. This Stock Is Crushing Both Lucid and Rivian in 1 Crucial Way
• Neutral Sentiment: Broader commentary on the U.S. EV industry highlighted a difficult environment for startups, with weaker demand and continued losses weighing on sentiment. From $91B to $2.3B: The Catastrophic Collapse of America’s EV Industry
• Negative Sentiment: Tesla’s sharp earnings miss triggered sector-wide weakness, and Rivian shares slipped in sympathy as investors sold off EV names. Tesla Slides 8% on Earnings Miss Despite Record Deliveries; Rivian, Lucid Slip

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIVN shares. Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. Jefferies Financial Group raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. UBS Group upped their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.86.

Rivian Automotive Trading Down 2.5%

The business has a 50 day simple moving average of $16.24 and a 200-day simple moving average of $16.03. The stock has a market capitalization of $22.80 billion, a P/E ratio of -5.74 and a beta of 1.60. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the company earned ($0.48) EPS. Rivian Automotive’s revenue was up 11.4% on a year-over-year basis. On average, analysts predict that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction 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 transaction, the director owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 68,385 shares of company stock valued at $1,125,094 over the last three months. Insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in Rivian Automotive in the fourth quarter worth approximately $27,000. SOA Wealth Advisors LLC. raised its position in Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Rivian Automotive during the third quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.