Rivian Automotive (NASDAQ:RIVN) Trading 4.7% Higher - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 4.7% during mid-day trading on Friday . The stock traded as high as $11.22 and last traded at $11.40. 8,332,510 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 36,816,648 shares. The stock had previously closed at $10.88.

Analyst Ratings Changes

RIVN has been the subject of a number of recent analyst reports. Truist Financial lifted their price target on Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Needham & Company LLC upped their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a "buy" rating in a report on Friday, February 21st. UBS Group upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Piper Sandler cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $19.00 to $13.00 in a report on Thursday, March 20th. Finally, Wells Fargo & Company upped their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.38.

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Rivian Automotive Stock Up 1.4 %

The stock has a market capitalization of $13.98 billion, a P/E ratio of -2.62 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. The firm's 50-day simple moving average is $12.36 and its 200 day simple moving average is $12.14.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, research analysts expect 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 35,713 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the company'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 transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,998 shares of company stock valued at $1,744,184 in the last quarter. Insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Capital International Investors bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank bought a new position in Rivian Automotive during the 4th quarter worth approximately $123,308,000. Northern Trust Corp increased its stake in shares of Rivian Automotive by 68.5% in the fourth 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 period. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $29,944,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after buying an additional 2,035,831 shares during the last quarter. 66.25% of the stock is currently owned by 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.