Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.1% – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.1% on Monday. The company traded as high as $14.62 and last traded at $14.60. 24,007,472 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 29,520,510 shares. The stock had previously closed at $14.30.

Analyst Ratings Changes

RIVN has been the subject of several recent analyst reports. Jefferies Financial Group upped their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Citigroup began coverage on Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 price target for the company. Morgan Stanley boosted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research note on Friday, July 31st. Finally, Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $20.00 in a report on Monday, July 27th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.00.

Rivian Automotive Trading Up 2.1%

The firm has a market capitalization of $21.14 billion, a PE ratio of -5.66 and a beta of 1.62. The stock’s 50-day simple moving average is $15.73 and its 200-day simple moving average is $15.87. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the business posted ($0.97) earnings per share. Rivian Automotive’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -2.96 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at $13,106,848. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the sale, the insider directly owned 1,001,776 shares in the company, valued at $15,026,640. The trade was a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 51,167 shares of company stock worth $788,306. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Capital International Investors increased its position in Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Rivian Automotive by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock worth $111,896,000 after acquiring an additional 25,382 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after acquiring an additional 1,109,171 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Rivian Automotive during the second quarter valued at $49,915,000. Finally, Alpine Global Management LLC increased its holdings in shares of Rivian Automotive by 0.7% during the fourth quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock valued at $51,804,000 after acquiring an additional 17,564 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.