Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3% - Time to Buy?

Key Points

• Rivian stock rose 3% on Tuesday, trading as high as $17.78 and ending near $17.76, though volume was below average.
• Analysts remain mixed overall, with several recent firms maintaining or raising bullish targets, but the consensus rating is still Hold with an average price target of $18.86.
• Rivian beat quarterly earnings expectations, reporting a smaller-than-expected loss and slightly better revenue, while insiders have also been selling shares in recent months.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price traded up 3% on Tuesday . The stock traded as high as $17.78 and last traded at $17.76. Approximately 25,466,060 shares traded hands during trading, a decline of 20% from the average daily volume of 31,883,133 shares. The stock had previously closed at $17.24.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and issued a $23.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 10th. BNP Paribas Exane boosted their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Weiss Ratings upgraded shares of Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 6th. Benchmark reaffirmed a "buy" rating and set a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of "Hold" and an average target price of $18.86.

Rivian Automotive Stock Performance

The firm has a market cap of $24.17 billion, a PE ratio of -6.08 and a beta of 1.60. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a 50-day moving average price of $16.10 and a 200 day moving average price of $16.06.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm posted ($0.48) earnings per share. The business's quarterly revenue was up 11.4% compared to the same quarter last year. Research analysts forecast that Rivian Automotive, Inc. will post -3.06 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 10,245 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer directly owned 946,814 shares in the company, valued at approximately $17,042,652. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares of the company's stock, valued at approximately $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 78,630 shares of company stock valued at $1,309,504 in the last 90 days. 1.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Core Wealth Advisors LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. lifted its position in Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker's stock valued at $31,000 after buying an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in Rivian Automotive during the fourth quarter valued at approximately $33,000. Glass Jacobson Investment Advisors llc grew its stake in Rivian Automotive by 96.3% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker's stock worth $34,000 after buying an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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