Rivian Automotive (NASDAQ:RIVN) Trading 2.2% Higher - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 2.2% during mid-day trading on Thursday . The stock traded as high as $12.27 and last traded at $12.06. Approximately 6,384,011 shares changed hands during trading, a decline of 82% from the average daily volume of 36,422,205 shares. The stock had previously closed at $11.80.

Analyst Ratings Changes

Several equities research analysts have weighed in on RIVN shares. TD Cowen initiated coverage on Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Cowen initiated coverage on Rivian Automotive in a report on Thursday, March 6th. They issued a "hold" rating for the company. Benchmark reaffirmed a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. UBS Group dropped 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 report on Thursday, April 10th. Finally, The Goldman Sachs Group lowered their target price 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. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $14.17.

Rivian Automotive Price Performance

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's 50-day moving average is $11.78 and its two-hundred day moving average is $12.08. The stock has a market cap of $13.61 billion, a PE ratio of -2.55 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $1.43 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction on 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 $4,778,183.76. The trade was 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 dated Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock valued at $2,154,905. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors purchased a new stake in Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Soma Equity Partners LP raised its holdings in Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after buying an additional 2,941,928 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.

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