Rivian Automotive (NASDAQ:RIVN) Shares Up 3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 3% on Tuesday . The stock traded as high as $17.78 and last traded at $17.76. 25,466,060 shares were traded during trading, a decline of 20% from the average daily volume of 31,883,133 shares. The stock had previously closed at $17.24.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. BNP Paribas Exane upped their target price on Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.86.

Rivian Automotive Stock Up 3.0%

The firm has a 50 day moving average price of $16.10 and a two-hundred day moving average price of $16.06. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $24.17 billion, a price-to-earnings ratio of -6.08 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.05. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.48) earnings per share. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at $14,192,112. This represents a 0.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, 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. Insiders have sold 78,630 shares of company stock worth $1,309,504 in the last three months. 1.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its stake in shares of Rivian Automotive by 2.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 270,800 shares of the electric vehicle automaker’s stock valued at $4,698,000 after purchasing an additional 5,600 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in Rivian Automotive by 6.8% in the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after purchasing an additional 1,642 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Rivian Automotive by 2.0% in the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after purchasing an additional 1,134 shares in the last quarter. Western Wealth Management LLC bought a new stake in Rivian Automotive in the first quarter valued at about $179,000. Finally, Rathbones Group PLC acquired a new position in shares of Rivian Automotive in the 1st quarter worth approximately $237,000. Institutional investors own 66.25% of the company’s stock.

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.