Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.3% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 3.3% during trading on Monday . The company traded as high as $15.97 and last traded at $15.87. 24,379,741 shares changed hands during trading, a decline of 20% from the average session volume of 30,428,641 shares. The stock had previously closed at $15.37.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. Bank of America began coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Evercore restated an “outperform” rating on shares of Rivian Automotive in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Sunday, February 15th. Nine investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $17.86.

Rivian Automotive Stock Up 3.3%

The firm has a market capitalization of $19.69 billion, a PE ratio of -5.17 and a beta of 1.74. The firm’s 50-day moving average is $16.51 and its 200 day moving average is $15.69. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. The company’s revenue for the quarter was down 25.8% compared to the same quarter last year. As a group, research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares in the company, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 152,938 shares of company stock worth $2,675,717 in the last 90 days. 2.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Brighton Jones LLC lifted its position in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares in the last quarter. AQR Capital Management LLC boosted its position in Rivian Automotive by 1.5% in the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after buying an additional 5,590 shares during the last quarter. Empowered Funds LLC increased its position in shares of Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after acquiring an additional 4,998 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 14,497 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after purchasing an additional 1,856 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.