Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded up 0.5% on Wednesday . The stock traded as high as $10.58 and last traded at $10.52. 4,923,540 shares were traded during trading, a decline of 87% from the average session volume of 38,882,043 shares. The stock had previously closed at $10.47.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Truist Financial reduced their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research report on Wednesday, October 16th. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, October 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a "peer perform" rating on the stock. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Friday, August 16th. One equities 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $17.09.

Rivian Automotive Stock Down 0.8 %

The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of -1.77 and a beta of 2.03. The firm's 50 day simple moving average is $11.94 and its 200-day simple moving average is $12.28. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Insiders Place Their Bets

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 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business'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 owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock valued at $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 30.5% in the 2nd quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker's stock valued at $443,072,000 after acquiring an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker's stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker's stock worth $38,587,000 after purchasing an additional 518,561 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.