Rivian Automotive (NASDAQ:RIVN) Trading Up 3.1% - Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 3.1% during mid-day trading on Thursday . The company traded as high as $10.83 and last traded at $10.48. Approximately 14,195,016 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 39,141,895 shares. The stock had previously closed at $10.16.

Analysts Set New Price Targets

Several brokerages have commented on RIVN. DA Davidson raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, June 28th. UBS Group dropped their price target on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wells Fargo & Company lowered their price objective on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. Finally, Truist Financial reduced their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating on the stock in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $17.09.

Rivian Automotive Price Performance

The firm has a 50-day moving average of $12.10 and a 200 day moving average of $12.24. The company has a market capitalization of $10.52 billion, a PE ratio of -1.75 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction dated 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 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 quarter, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock valued at $492,000 after acquiring an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after purchasing an additional 670 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock worth $47,000 after purchasing an additional 760 shares in the last quarter. Certuity LLC increased its holdings in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock valued at $145,000 after acquiring an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC boosted its holdings in shares of Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock valued at $136,000 after purchasing an additional 823 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.