Rivian Automotive (NASDAQ:RIVN) Trading 0.4% Higher - Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 0.4% during mid-day trading on Wednesday . The stock traded as high as $12.04 and last traded at $11.95. 5,259,148 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 36,611,990 shares. The stock had previously closed at $11.91.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RIVN. The Goldman Sachs Group dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Bank of America downgraded shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Benchmark reissued a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $14.17.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market cap of $12.93 billion, a PE ratio of -2.42 and a beta of 1.89. The business has a fifty day simple moving average of $11.87 and a two-hundred day simple moving average of $12.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was 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 149,714 shares of company stock valued at $1,745,634 in the last 90 days. Insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. Mountain Hill Investment Partners Corp. acquired a new position in shares of Rivian Automotive in the fourth quarter valued at about $1,363,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive in the fourth quarter worth about $26,600,000. SG Americas Securities LLC boosted its position in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after buying an additional 54,053 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Rivian Automotive in the 4th quarter worth approximately $10,448,000. Institutional investors and hedge funds 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.