Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.3% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 0.3% during mid-day trading on Friday . The company traded as high as $10.59 and last traded at $10.46. 5,736,864 shares traded hands during trading, a decline of 85% from the average session volume of 39,072,367 shares. The stock had previously closed at $10.43.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. DA Davidson boosted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, June 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Tuesday, September 10th. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Cantor Fitzgerald reissued an "overweight" rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $17.09.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm's 50-day moving average price is $12.10 and its two-hundred day moving average price is $12.24. The stock has a market cap of $10.54 billion, a price-to-earnings ratio of -1.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly 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 firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% in the second 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 raised its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker's stock valued at $29,000 after purchasing an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after buying an additional 1,002 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the second quarter worth about $37,000. Finally, First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after acquiring an additional 670 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.