Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares rose 0.4% on Wednesday . The company traded as high as $12.66 and last traded at $12.41. Approximately 9,674,164 shares were traded during trading, a decline of 74% from the average daily volume of 36,749,474 shares. The stock had previously closed at $12.36.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Benchmark reiterated a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Barclays increased their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Mizuho cut their target price on Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Finally, Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.38.

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Rivian Automotive Price Performance

The stock's 50 day simple moving average is $12.26 and its 200-day simple moving average is $12.14. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $14.03 billion, a PE ratio of -2.63 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 in the last 90 days. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at approximately $28,000. Hantz Financial Services Inc. increased its holdings in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 2,900 shares during the period. Finally, Orion Capital Management LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter worth approximately $34,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.