Rivian Automotive (NASDAQ:RIVN) Shares Up 1.7% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were up 1.7% during mid-day trading on Monday . The company traded as high as $14.45 and last traded at $14.25. Approximately 6,217,073 shares traded hands during trading, a decline of 83% from the average daily volume of 36,168,524 shares. The stock had previously closed at $14.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 14th. TD Cowen began coverage on Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Benchmark reaffirmed a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $14.33.

Rivian Automotive Trading Down 2.0%

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $15.73 billion, a P/E ratio of -2.95 and a beta of 1.86. The business has a 50-day moving average price of $13.62 and a two-hundred day moving average price of $13.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the company posted ($1.48) earnings per share. The business's revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock valued at $5,201,750 in the last ninety days. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after buying an additional 5,610,688 shares during the period. Geode Capital Management LLC lifted its position in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $123,308,000. Finally, Soma Equity Partners LP lifted its position in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.