Rivian Automotive (NASDAQ:RIVN) Trading 6.4% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 6.4% during trading on Wednesday . The stock traded as high as $15.74 and last traded at $15.73. 23,441,825 shares were traded during mid-day trading, a decline of 24% from the average session volume of 30,778,635 shares. The stock had previously closed at $14.78.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RIVN shares. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Royal Bank Of Canada increased their price objective on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. Piper Sandler upgraded Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their target price for the company from $18.00 to $20.00 in a research report on Monday, July 27th. Finally, Jefferies Financial Group lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $18.95.

Rivian Automotive Price Performance

The business has a 50-day simple moving average of $16.47 and a two-hundred day simple moving average of $15.81. The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of -6.58 and a beta of 1.61.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.19. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm earned ($0.97) EPS. The firm’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 13,144 shares of Rivian Automotive stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the transaction, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at $11,994,414.50. The trade was a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 75,985 shares of company stock valued at $1,241,226 over the last 90 days. 1.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Norges Bank acquired a new stake in Rivian Automotive during the 4th quarter valued at $220,323,000. Renaissance Technologies LLC boosted 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 during the period. Bank of New York Mellon Corp purchased a new position in shares of Rivian Automotive during the second quarter valued at $49,915,000. Capital International Investors grew its holdings in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Company Profile

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.