Rivian Automotive (NASDAQ:RIVN) Trading 4.3% Higher - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded up 4.3% on Monday . The company traded as high as $14.06 and last traded at $14.00. 7,017,792 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 36,103,512 shares. The stock had previously closed at $13.42.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Jefferies Financial Group restated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Wedbush dropped their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Robert W. Baird dropped their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, Mizuho boosted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Stock Up 2.5%

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 stock has a market capitalization of $15.56 billion, a PE ratio of -2.92 and a beta of 1.86. The company has a 50 day moving average price of $13.73 and a 200-day moving average price of $13.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.48) earnings per share. As a group, analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 9,937 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. The trade was a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock valued at $5,201,750 over the last ninety days. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC lifted its holdings in shares of Rivian Automotive by 7.4% during the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares in the last quarter. First National Trust Co lifted its holdings in Rivian Automotive by 5.3% in the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after acquiring an additional 800 shares during the period. Dimension Capital Management LLC lifted its holdings in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after acquiring an additional 819 shares during the period. Finally, Tradition Wealth Management LLC lifted its holdings in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after acquiring an additional 849 shares during the period. 66.25% of the stock is 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.