Rivian Automotive (NASDAQ:RIVN) Shares Up 3.5% - Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 3.5% during trading on Tuesday . The company traded as high as $13.19 and last traded at $13.20. 7,405,626 shares changed hands during trading, a decline of 78% from the average session volume of 33,570,043 shares. The stock had previously closed at $12.75.

Analyst Upgrades and Downgrades

RIVN has been the topic of several research analyst reports. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Benchmark reissued a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Up 3.4%

The company has a market capitalization of $14.90 billion, a price-to-earnings ratio of -3.54 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The firm's fifty day moving average price is $14.23 and its 200-day moving average price is $13.13.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results 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 return on equity of 60.64% and a negative net margin of 76.83%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. During the same quarter in the prior year, the firm earned ($1.48) EPS. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 241,407 shares of company stock worth $3,553,883. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Capital International Investors bought a new stake in Rivian Automotive during the fourth quarter valued at $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $123,308,000. Vanguard Group Inc. grew its stake in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. Northern Trust Corp increased its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Rivian Automotive in the first quarter worth approximately $33,582,000. 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.

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