Rivian Automotive (NASDAQ:RIVN) Trading Up 3.2% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 3.2% during trading on Monday . The company traded as high as $15.45 and last traded at $15.33. Approximately 23,680,619 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 30,779,799 shares. The stock had previously closed at $14.86.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RIVN. Wedbush reaffirmed an “outperform” rating and set a $25.00 price target on shares of Rivian Automotive in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft raised Rivian Automotive from a “hold” rating to a “buy” rating and raised their price objective for the company from $16.00 to $23.00 in a research report on Friday, February 13th. The Goldman Sachs Group upped their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a research report on Thursday. Finally, Wells Fargo & Company increased their target price on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, February 13th. Eleven research 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, Rivian Automotive has an average rating of “Hold” and a consensus target price of $18.00.

Rivian Automotive Stock Performance

The company’s fifty day simple moving average is $16.11 and its two-hundred day simple moving average is $15.80. The company has a market capitalization of $19.02 billion, a price-to-earnings ratio of -4.99 and a beta of 1.75. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.02. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company’s revenue for the quarter was down 25.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.70) EPS. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares in the company, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $15.00, for a total value of $261,750.00. Following the sale, the chief executive officer directly owned 1,027,281 shares in the company, valued at approximately $15,409,215. This represents a 1.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 131,833 shares of company stock worth $2,298,729 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after acquiring an additional 799,030 shares during the last quarter. XTX Topco Ltd acquired a new position in Rivian Automotive in the second quarter valued at approximately $1,324,000. Farther Finance Advisors LLC grew its holdings in shares of Rivian Automotive by 227.0% during the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after purchasing an additional 81,291 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of Rivian Automotive by 244.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock worth $23,851,000 after purchasing an additional 1,152,551 shares during the period. Finally, Tableaux LLC acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth approximately $3,435,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.