Rivian Automotive (NASDAQ:RIVN) Shares Up 2.1% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2.1% during trading on Tuesday . The company traded as high as $16.13 and last traded at $16.10. Approximately 19,298,913 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 31,497,213 shares. The stock had previously closed at $15.77.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RIVN. Wedbush reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, February 13th. Wolfe Research lowered shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a report on Monday, January 12th. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research note on Monday, December 8th. The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Finally, DA Davidson lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $15.00 to $14.00 in a research report on Tuesday, February 17th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $18.05.

Rivian Automotive Stock Down 2.6%

The firm has a market capitalization of $18.88 billion, a PE ratio of -4.95 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The company has a 50-day moving average price of $15.54 and a 200 day moving average price of $15.88.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the business posted ($0.70) earnings per share. The firm’s revenue was down 25.8% on a year-over-year basis. Analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $15.60, for a total value of $272,220.00. Following the transaction, the chief executive officer owned 1,042,848 shares of the company’s stock, valued at approximately $16,268,428.80. The trade was a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 131,833 shares of company stock valued at $2,196,995. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Vanguard Group Inc. grew its position in shares of Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors lifted its position in shares of Rivian Automotive by 13.2% in the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Rivian Automotive by 32.4% in the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after buying an additional 4,012,386 shares in the last quarter. Geode Capital Management LLC boosted its stake in Rivian Automotive by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after buying an additional 59,503 shares during the last quarter. Finally, Norges Bank bought a new position in Rivian Automotive during the fourth quarter valued at approximately $220,323,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.