Rivian Automotive (NASDAQ:RIVN) Trading Up 7% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded up 7% on Wednesday . The company traded as high as $12.24 and last traded at $12.16. 12,047,870 shares changed hands during trading, a decline of 67% from the average session volume of 36,471,260 shares. The stock had previously closed at $11.36.

Analyst Ratings Changes

A number of brokerages recently issued reports on RIVN. TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 price objective on the stock. Guggenheim lowered their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $19.00 to $13.00 in a research note on Thursday, March 20th. Robert W. Baird lowered their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Finally, Mizuho reduced their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $14.17.

Rivian Automotive Trading Up 2.6 %

The stock has a market cap of $14.03 billion, a PE ratio of -2.63 and a beta of 1.89. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a 50-day simple moving average of $11.74 and a 200-day simple moving average of $12.09.

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 for the quarter, beating 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 business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

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 shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,775,506.06. The trade was a 4.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,154,905 in the last three months. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank increased its position in shares of Rivian Automotive by 4.3% during the 1st quarter. Amalgamated Bank now owns 44,708 shares of the electric vehicle automaker's stock valued at $557,000 after purchasing an additional 1,826 shares during the last quarter. Albion Financial Group UT grew its position in Rivian Automotive by 2.4% during the first quarter. Albion Financial Group UT now owns 109,896 shares of the electric vehicle automaker's stock valued at $1,368,000 after acquiring an additional 2,589 shares during the last quarter. Mmbg Investment Advisors CO. purchased a new position in shares of Rivian Automotive during the first quarter worth approximately $274,000. Essex Financial Services Inc. lifted its holdings in shares of Rivian Automotive by 12.8% in the 1st quarter. Essex Financial Services Inc. now owns 17,176 shares of the electric vehicle automaker's stock worth $214,000 after acquiring an additional 1,946 shares during the last quarter. Finally, Bordeaux Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive in the 1st quarter valued at $429,000. Institutional investors own 66.25% of the company's stock.

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.