Rivian Automotive (NASDAQ:RIVN) Shares Up 4.2% - Still a 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) shot up 4.2% during trading on Friday . The stock traded as high as $14.30 and last traded at $14.40. 13,041,052 shares were traded during trading, a decline of 59% from the average session volume of 32,032,279 shares. The stock had previously closed at $13.82.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Wall Street Zen raised Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. Guggenheim cut Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, Needham & Company LLC cut their price objective on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

The stock has a market capitalization of $15.96 billion, a price-to-earnings ratio of -3.80 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company has a fifty day simple moving average of $14.04 and a two-hundred day simple moving average of $13.07.

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 for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.48) EPS. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction 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 transaction, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. 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 Rivian Automotive stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 205,694 shares of company stock worth $3,144,612. Corporate insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. PFS Partners LLC increased its stake in shares of Rivian Automotive by 1,882.0% in the 1st 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 increased its stake in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Rivian Automotive in the 4th quarter valued at $34,000. WPG Advisers LLC bought a new stake in Rivian Automotive during the 1st quarter worth $34,000. Finally, Olde Wealth Management LLC bought a new stake in Rivian Automotive during the 1st quarter worth $37,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.