Rivian Automotive (NASDAQ:RIVN) Shares Up 3% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 3% during mid-day trading on Monday . The stock traded as high as $11.82 and last traded at $11.81. Approximately 5,727,403 shares traded hands during trading, a decline of 84% from the average daily volume of 36,898,751 shares. The stock had previously closed at $11.47.

Analyst Ratings Changes

A number of brokerages recently commented on RIVN. TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 price objective for the company. Benchmark reiterated a "buy" rating and set a $18.00 target price on shares of Rivian Automotive in a research report on Tuesday, March 18th. Wells Fargo & Company upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Cantor Fitzgerald lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $13.00 to $15.00 in a research report on Friday, February 21st. Finally, Needham & Company LLC upped their target price on Rivian Automotive from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.17.

Rivian Automotive Trading Up 1.0 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50 day simple moving average of $11.91 and a 200-day simple moving average of $12.06. The stock has a market capitalization of $13.12 billion, a P/E ratio of -2.46 and a beta of 1.89.

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

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,237,044 over the last 90 days. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the company. Tandem Financial LLC acquired a new position in Rivian Automotive in the fourth quarter worth about $25,000. PFS Partners LLC raised its holdings in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares in the last quarter. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter valued at $28,000. Finally, Orion Capital Management LLC acquired a new position in Rivian Automotive during the fourth quarter worth $34,000. 66.25% of the stock is currently owned by institutional investors.

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.