Rivian Automotive (NASDAQ:RIVN) Shares Up 1.9% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 1.9% during trading on Thursday . The company traded as high as $16.05 and last traded at $15.91. 14,221,349 shares traded hands during trading, a decline of 53% from the average daily volume of 30,157,092 shares. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Stifel Nicolaus set a $22.00 price target on Rivian Automotive in a research report on Monday, August 24th. Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Friday, July 31st. TD Cowen increased their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Needham & Company LLC reissued a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $19.05.

Rivian Automotive Trading Up 1.9%

The business has a 50 day moving average of $16.54 and a 200-day moving average of $15.92. The stock has a market cap of $23.04 billion, a PE ratio of -6.17 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the business posted ($0.97) earnings per share. Rivian Automotive’s revenue was up 27.2% compared to the same quarter last year. On average, analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Claire McDonough sold 8,023 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the transaction, the chief financial officer owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. The trade was a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 41,167 shares of company stock worth $718,956. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the fourth quarter worth about $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $31,000. Zions Bancorporation National Association UT purchased a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Finally, Oslo Pensjonsforsikring AS purchased a new position in Rivian Automotive in the first quarter valued at about $39,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

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.