Rivian Automotive (NASDAQ:RIVN) Trading Up 4.5% - Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 4.5% during mid-day trading on Wednesday . The stock traded as high as $12.02 and last traded at $11.97. 10,561,899 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 34,624,223 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Truist Financial lifted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Baird R W downgraded shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. UBS Group lifted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, January 16th. Wedbush reiterated an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $14.87.

Rivian Automotive Stock Performance

The firm has a market cap of $12.08 billion, a P/E ratio of -2.51 and a beta of 2.04. The stock's 50 day moving average is $13.32 and its two-hundred day moving average is $12.44. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,983,450.68. The trade was a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 over the last quarter. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Blue Trust Inc. boosted its position in Rivian Automotive by 40.3% in the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker's stock valued at $51,000 after buying an additional 1,301 shares in the last quarter. International Assets Investment Management LLC boosted its position in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after buying an additional 51,464 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Rivian Automotive by 33.5% during the third quarter. Assenagon Asset Management S.A. now owns 48,977 shares of the electric vehicle automaker's stock worth $550,000 after purchasing an additional 12,293 shares in the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Rivian Automotive during the third quarter worth approximately $114,000. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Rivian Automotive by 5.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 379,674 shares of the electric vehicle automaker's stock worth $4,279,000 after purchasing an additional 20,979 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.