Rivian Automotive (NASDAQ:RIVN) Trading Up 1.4% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.4% on Friday . The stock traded as high as $15.12 and last traded at $14.86. 40,395,823 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 38,447,238 shares. The stock had previously closed at $14.66.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RIVN. Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Canaccord Genuity Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Finally, Tigress Financial raised their target price on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Six equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $14.34.

Rivian Automotive Stock Performance

The firm has a market cap of $18.22 billion, a P/E ratio of -4.78 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The stock’s 50-day moving average is $14.24 and its 200 day moving average is $13.86.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company posted ($1.08) earnings per share. The company’s revenue for the quarter was up 78.3% on a year-over-year basis. On average, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders sold 87,250 shares of company stock valued at $1,357,610. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares in the last quarter. CWM LLC increased its holdings in Rivian Automotive by 6.4% during the 1st quarter. CWM LLC now owns 26,849 shares of the electric vehicle automaker’s stock worth $334,000 after purchasing an additional 1,609 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Rivian Automotive by 257.9% in the 1st quarter. Private Advisor Group LLC now owns 232,174 shares of the electric vehicle automaker’s stock valued at $2,891,000 after purchasing an additional 167,304 shares during the period. PFG Advisors bought a new stake in shares of Rivian Automotive in the first quarter valued at about $195,000. Finally, KLP Kapitalforvaltning AS boosted its position in shares of Rivian Automotive by 2.2% during the first quarter. KLP Kapitalforvaltning AS now owns 803,200 shares of the electric vehicle automaker’s stock worth $10,000,000 after buying an additional 17,600 shares during the period. Institutional investors and hedge funds 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.