Rivian Automotive (NASDAQ:RIVN) Trading Up 4.9% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 4.9% during mid-day trading on Monday . The stock traded as high as $12.20 and last traded at $12.17. 10,165,248 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 36,892,614 shares. The stock had previously closed at $11.60.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Cantor Fitzgerald cut shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $13.00 to $15.00 in a report on Friday, February 21st. Robert W. Baird restated a "neutral" rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price target on the stock. Guggenheim dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, February 24th. Finally, Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $14.38.

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Rivian Automotive Stock Performance

The firm has a market cap of $13.68 billion, a PE ratio of -2.56 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 moving average price is $12.36 and its two-hundred day moving average price is $12.14.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. On average, research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,427 shares of company stock worth $2,588,475. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $123,308,000. Soma Equity Partners LP increased its stake in shares of 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 buying an additional 1,407,772 shares during the period. Finally, Northern Trust Corp raised its holdings in 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 valued at $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.