Rivian Automotive (NASDAQ:RIVN) Shares Up 4.2% - Time to Buy?

Key Points

• Rivian Automotive's shares increased by 4.2%, with the stock last trading at $14.40 after closing at $13.82.
• Analyst ratings for Rivian are mixed, with three sell ratings, nineteen hold ratings, and five buy ratings, leading to an average target price of $14.38.
• The company reported a quarterly earnings per share of ($0.57), beating estimates and showing a 3.0% increase in revenue compared to the previous year.
• Insider selling includes the CFO and CEO recently selling significant amounts of stock, indicating potential concerns about the company’s future performance.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 4.2% on Friday . The stock traded as high as $14.30 and last traded at $14.40. Approximately 13,041,052 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 32,032,279 shares. The stock had previously closed at $13.82.

Analyst Upgrades and Downgrades

RIVN has been the topic of several recent research reports. Jefferies Financial Group restated a "hold" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Piper Sandler upped their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Robert W. Baird cut their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Finally, Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Trading Down 1.6%

The company has a market cap of $15.58 billion, a PE ratio of -3.70 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 company has a 50-day moving average of $14.01 and a 200 day moving average of $13.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. Rivian Automotive's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.48) earnings per share. Analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the transaction, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 205,694 shares of company stock worth $3,144,612. Insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the stock. PFS Partners LLC boosted its holdings in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares during the last quarter. Banque Transatlantique SA raised its position in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after purchasing an additional 2,243 shares during the last quarter. Fairman Group LLC acquired a new position in shares of Rivian Automotive during the 2nd quarter worth about $31,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $34,000. Finally, WPG Advisers LLC acquired a new position in shares of Rivian Automotive during the 1st quarter worth about $34,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.