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

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

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. Cantor Fitzgerald lowered shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective on the stock. Robert W. Baird restated a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Baird R W cut Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC lifted their price target on Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Trading Down 2.8 %

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 stock has a market capitalization of $12.68 billion, a P/E ratio of -2.37 and a beta of 2.03. The stock has a 50-day moving average price of $12.17 and a two-hundred day moving average price of $12.10.

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. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was 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 $4,778,183.76. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last three months. Company insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Cerity Partners LLC increased its stake in shares of Rivian Automotive by 38.0% during the third quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker's stock valued at $695,000 after purchasing an additional 17,039 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker's stock valued at $860,000 after buying an additional 4,338 shares in the last quarter. Townsquare Capital LLC purchased a new position in Rivian Automotive during the third quarter valued at $263,000. Captrust Financial Advisors boosted its holdings in Rivian Automotive by 19.4% in the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker's stock worth $465,000 after acquiring an additional 6,738 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Rivian Automotive in the third quarter worth $1,158,000. 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.