Rivian Automotive (NASDAQ:RIVN) Shares Up 2.2% - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 2.2% during trading on Tuesday . The company traded as high as $14.26 and last traded at $14.34. Approximately 18,638,684 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 32,342,822 shares. The stock had previously closed at $14.03.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Barclays lifted their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 22nd. Truist Financial lifted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price objective for the company. Royal Bank of Canada dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. Finally, Stifel Nicolaus dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $15.50.

Rivian Automotive Stock Performance

The company has a market cap of $13.24 billion, a PE ratio of -2.32 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a fifty day moving average of $13.59 and a 200-day moving average of $12.54.

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 analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Equities research analysts anticipate that Rivian Automotive, Inc. will post -4.7 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 366,788 shares of company stock worth $5,024,431 in the last 90 days. Company insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

Several large investors have recently bought and sold shares of the company. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $34,000. Finally, GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after purchasing an additional 1,002 shares in the last quarter. 66.25% of the stock is 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.