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

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.1% during mid-day trading on Monday . The company traded as high as $15.25 and last traded at $15.17. 42,160,193 shares traded hands during trading, an increase of 10% from the average session volume of 38,457,031 shares. The stock had previously closed at $14.86.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RIVN. Tigress Financial upped their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Canaccord Genuity Group reissued a “buy” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Friday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Finally, Mizuho reiterated an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $14.34.

Rivian Automotive Trading Up 4.0%

The stock has a market capitalization of $19.84 billion, a P/E ratio of -5.20 and a beta of 1.81. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $14.37 and a two-hundred day moving average price of $13.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business’s revenue for the quarter was up 78.3% on a year-over-year basis. During the same period in the prior year, the company posted ($1.08) earnings per share. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 87,250 shares of company stock worth $1,357,610 in the last three months. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the business. Caisse Des Depots ET Consignations acquired a new stake in shares of Rivian Automotive during the first quarter worth $2,807,000. Ethos Financial Group LLC bought a new stake in Rivian Automotive during the first quarter valued at $311,000. Tableaux LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth about $3,435,000. Intech Investment Management LLC raised its position in shares of Rivian Automotive by 522.0% in the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker’s stock worth $4,370,000 after acquiring an additional 294,539 shares in the last quarter. Finally, Udine Wealth Management Inc. acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at about $937,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.