Rivian Automotive (NASDAQ:RIVN) Trading Up 3.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 3.2% during mid-day trading on Monday . The company traded as high as $15.45 and last traded at $15.33. 23,680,619 shares were traded during trading, a decline of 23% from the average session volume of 30,779,799 shares. The stock had previously closed at $14.86.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RIVN. Piper Sandler dropped their target price on Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Wedbush reissued an “outperform” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, February 13th. Bank of America initiated coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price target for the company. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a report on Thursday. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research report on Monday, December 8th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $18.00.

Rivian Automotive Stock Up 3.2%

The firm’s fifty day moving average is $16.11 and its two-hundred day moving average is $15.80. The firm has a market cap of $19.02 billion, a price-to-earnings ratio of -4.99 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89.

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

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $15.00, for a total value of $261,750.00. Following the completion of the sale, the chief executive officer directly owned 1,027,281 shares in the company, valued at $15,409,215. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 131,833 shares of company stock worth $2,298,729. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

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

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.