Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.2% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 7.2% during mid-day trading on Thursday . The company traded as high as $12.86 and last traded at $12.97. Approximately 14,029,086 shares traded hands during trading, a decline of 62% from the average daily volume of 36,768,880 shares. The stock had previously closed at $12.10.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RIVN shares. Barclays increased their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 target price for the company. Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Cantor Fitzgerald cut Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. Finally, Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 6.2 %

The stock has a market cap of $14.53 billion, a price-to-earnings ratio of -2.72 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm’s 50-day simple moving average is $12.32 and its two-hundred day simple moving average is $12.14.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,588,475 over the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the business. Empowered Funds LLC grew its stake in shares of Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after purchasing an additional 6,860 shares during the period. Quest Partners LLC boosted its holdings in Rivian Automotive by 109.0% during the third quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after buying an additional 7,273 shares during the last quarter. Pathstone Holdings LLC grew its position in shares of Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock worth $1,327,000 after buying an additional 9,187 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $570,000. Finally, Advisors Asset Management Inc. raised its position in shares of Rivian Automotive by 19.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock valued at $462,000 after acquiring an additional 6,620 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.