Rivian Automotive (NASDAQ:RIVN) Trading 1.5% Higher - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 1.5% on Friday . The stock traded as high as $10.47 and last traded at $10.41. 6,665,780 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 39,900,039 shares. The stock had previously closed at $10.26.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their price target on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday. The Goldman Sachs Group lowered their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Wells Fargo & Company lowered their price target on shares of 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. Finally, Wedbush reaffirmed an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus target price of $17.68.

Rivian Automotive Trading Up 2.3 %

The business's 50-day simple moving average is $12.77 and its two-hundred day simple moving average is $12.26. The firm has a market capitalization of $10.45 billion, a price-to-earnings 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.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results 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). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities analysts forecast that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 241,305 shares of company stock worth $3,369,273 over the last three months. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% in 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 in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the 1st quarter worth about $33,000. Fairman Group LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $36,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth about $37,000. Hedge funds and other 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.