Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.3% - Time to Buy?

Key Points

• Rivian Automotive's stock price rose by 2.3%, reaching a high of $12.19, despite a 66% decline in trading volume compared to the average.
• Recent analyst ratings show a mixed outlook for Rivian Automotive, with target prices ranging from $9.00 to $21.00 and an overall consensus rating of "Hold".
• The company's latest quarterly earnings report showed a significant loss per share of ($0.97), despite revenue growth of 12.5% year-over-year, highlighting ongoing financial challenges.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 2.3% on Thursday . The stock traded as high as $12.19 and last traded at $11.91. Approximately 11,196,888 shares were traded during trading, a decline of 66% from the average daily volume of 32,864,750 shares. The stock had previously closed at $11.64.

Analyst Ratings Changes

RIVN has been the subject of several recent research reports. Wedbush cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday. Canaccord Genuity Group decreased their price objective on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $13.82.

Rivian Automotive Price Performance

The company has a 50 day simple moving average of $13.48 and a 200-day simple moving average of $12.99. The stock has a market cap of $13.65 billion, a price-to-earnings ratio of -3.74 and a beta of 1.80. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 57.72%. The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.46) EPS. Research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 205,694 shares of company stock valued at $3,144,612. Corporate insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Capital International Investors bought a new stake in shares of Rivian Automotive in the 4th quarter valued at $144,030,000. Vanguard Group Inc. boosted its stake in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Northern Trust Corp boosted its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after acquiring an additional 2,941,928 shares in the last quarter. Nuveen LLC bought a new stake in Rivian Automotive during the 1st quarter worth approximately $33,582,000. Finally, Twinbeech Capital LP bought a new position in Rivian Automotive during the 4th quarter valued at $29,944,000. 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.

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