Rivian Automotive (NASDAQ:RIVN) Trading 4.9% Higher – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 4.9% during trading on Monday . The stock traded as high as $12.20 and last traded at $12.17. Approximately 10,165,248 shares changed hands during trading, a decline of 72% from the average daily volume of 36,892,614 shares. The stock had previously closed at $11.60.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of research reports. Guggenheim reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Mizuho dropped their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $13.66 billion, a PE ratio of -2.56 and a beta of 2.03. The business has a 50 day simple moving average of $12.41 and a 200 day simple moving average of $12.16.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,998 shares of company stock worth $1,744,184 over the last three months. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Rivian Automotive in the 4th quarter valued at approximately $3,198,000. PKO Investment Management Joint Stock Co purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $479,000. Siemens Fonds Invest GmbH acquired a new position in Rivian Automotive during the fourth quarter worth $145,000. Gould Capital LLC raised its position in Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after acquiring an additional 3,280 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at $206,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.