Rivian Automotive (NASDAQ:RIVN) Trading 1% Higher - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 1% on Friday . The stock traded as high as $11.69 and last traded at $11.60. Approximately 16,076,176 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 36,596,158 shares. The stock had previously closed at $11.49.

Analysts Set New Price Targets

A number of research firms recently issued reports on RIVN. Piper Sandler cut Rivian Automotive from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $19.00 to $13.00 in a report on Thursday, March 20th. UBS Group reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Benchmark restated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price for the company. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $14.17.

Rivian Automotive Trading Up 1.9 %

The company has a 50 day simple moving average of $11.87 and a two-hundred day simple moving average of $12.09. 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 firm has a market cap of $12.84 billion, a PE ratio of -2.41 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) EPS for the quarter, beating 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 149,714 shares of company stock worth $1,745,634 over the last three months. Company insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimension Capital Management LLC boosted its stake in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after purchasing an additional 819 shares during the last quarter. Tradition Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 7.2% in the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after acquiring an additional 849 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Rivian Automotive by 1.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after purchasing an additional 867 shares during the period. RFG Holdings Inc. increased its holdings in Rivian Automotive by 5.2% in the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock valued at $296,000 after purchasing an additional 1,096 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Rivian Automotive by 4.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock valued at $354,000 after purchasing an additional 1,160 shares during the period. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.