Rivian Automotive (NASDAQ:RIVN) Trading Up 7.3% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 7.3% on Tuesday . The stock traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares traded hands during trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Piper Sandler cut Rivian Automotive from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $19.00 to $13.00 in a research report on Thursday, March 20th. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Finally, Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average price target of $14.38.

Remove Ads

Rivian Automotive Trading Down 7.7 %

The business's 50 day moving average price is $12.20 and its 200-day moving average price is $12.11. The company has a market cap of $13.04 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The firm 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%. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. This represents a 7.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was 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 of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,588,475 in the last 90 days. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tandem Financial LLC acquired a new position in Rivian Automotive during the 4th quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the fourth quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter valued at about $28,000. Orion Capital Management LLC bought a new stake in Rivian Automotive during the 4th quarter worth about $34,000. Finally, Bear Mountain Capital Inc. lifted its position in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker's stock valued at $36,000 after purchasing an additional 1,932 shares during the period. Institutional investors and hedge funds 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.