Rivian Automotive (NASDAQ:RIVN) Shares Up 0.7% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded up 0.7% during trading on Friday . The company traded as high as $10.54 and last traded at $10.12. 21,203,246 shares traded hands during trading, a decline of 45% from the average session volume of 38,766,629 shares. The stock had previously closed at $10.05.

Analysts Set New Price Targets

RIVN has been the topic of several research analyst reports. Guggenheim dropped their price objective on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday. Wolfe Research started coverage on Rivian Automotive in a report on Thursday, September 5th. They set a "peer perform" rating for the company. Canaccord Genuity Group cut their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, October 7th. Wells Fargo & Company cut their price objective on shares of 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, JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $15.77.

Rivian Automotive Trading Up 5.2 %

The firm's 50-day simple moving average is $11.43 and its 200 day simple moving average is $12.30. The firm has a market cap of $10.66 billion, a P/E ratio of -1.71 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, analysts expect that Rivian Automotive, Inc. will post -4.84 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company's stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in 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 last quarter. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker's stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rivian Automotive by 153.2% in the 2nd 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 in 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 buying an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Rivian Automotive by 53.8% during the 2nd 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 acquiring an additional 1,039,758 shares during the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.