Rivian Automotive (NASDAQ:RIVN) Shares Up 1.5% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1.5% during trading on Friday . The stock traded as high as $10.47 and last traded at $10.41. Approximately 6,665,780 shares traded hands during trading, a decline of 83% from the average daily volume of 39,900,039 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price target on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, September 30th. Truist Financial lifted their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group reduced their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Finally, Wells Fargo & Company cut their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.68.

Rivian Automotive Price Performance

The company has a market capitalization of $10.45 billion, a P/E ratio of -1.82 and a beta of 2.03. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The business has a 50 day simple moving average of $12.77 and a 200-day simple moving average of $12.28.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Analysts predict that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total transaction of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,305 shares of company stock worth $3,369,273. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC increased its position in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. Benjamin Edwards Inc. bought a new stake in Rivian Automotive in the first quarter worth about $33,000. Fairman Group LLC acquired a new stake in Rivian Automotive in the 4th quarter valued at about $36,000. Finally, International Assets Investment Management LLC bought a new position in shares of Rivian Automotive during the 2nd quarter valued at about $37,000. Institutional investors 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.