Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 1.1% on Friday . The stock traded as high as $13.97 and last traded at $13.93. Approximately 7,529,513 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 36,143,268 shares. The stock had previously closed at $13.78.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RIVN shares. TD Cowen assumed coverage on Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 target price on the stock. Stifel Nicolaus raised their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. UBS Group raised their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Guggenheim reiterated a "buy" rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $14.33.

Rivian Automotive Price Performance

The stock has a fifty day simple moving average of $13.44 and a two-hundred day simple moving average of $13.06. The company has a market cap of $16.28 billion, a PE ratio of -3.05 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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 analysts' consensus estimates of ($0.80) by $0.23. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $981.52 million. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.48) EPS. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 384,265 shares of company stock worth $5,201,750. Corporate insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Capital International Investors purchased a new stake in shares of Rivian Automotive in the 4th quarter worth about $144,030,000. Norges Bank purchased a new stake in Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Vanguard Group Inc. lifted its stake in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after buying an additional 5,610,688 shares in the last quarter. Northern Trust Corp lifted its stake in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after buying an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rivian Automotive in the 1st quarter valued at approximately $33,582,000. 66.25% of the stock is currently 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.