Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.9% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded up 2.9% on Monday . The stock traded as high as $10.55 and last traded at $10.48. 6,645,285 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 38,651,227 shares. The stock had previously closed at $10.18.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RIVN. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Monday. Wedbush restated an "outperform" rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $16.95.

Rivian Automotive Stock Performance

The firm has a market cap of $10.38 billion, a price-to-earnings ratio of -1.76 and a beta of 2.04. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The stock's 50 day moving average is $11.75 and its 200 day moving average is $12.31.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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 firm 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%. Analysts anticipate that Rivian Automotive, Inc. will post -4.84 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company'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 sale, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker's stock worth $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Rivian Automotive by 30.5% during 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 in the last quarter. Renaissance Technologies LLC grew its position in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker's stock worth $72,877,000 after acquiring an additional 3,285,867 shares during the last quarter. abrdn plc increased its holdings in Rivian Automotive by 17.8% in the 3rd 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker's stock valued at $39,889,000 after purchasing an additional 1,039,758 shares during the last quarter. Institutional investors and hedge funds 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.