Rivian Automotive (NASDAQ:RIVN) Trading Up 4.3% - Still a Buy?

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

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. Needham & Company LLC decreased their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wedbush decreased their price target 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. Cowen initiated coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a "hold" rating for the company. The Goldman Sachs Group decreased their price target on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Wall Street Zen lowered Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Four equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $14.33.

Rivian Automotive Trading Up 2.8%

The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. The company has a fifty day moving average price of $13.85 and a 200-day moving average price of $13.14. The firm has a market capitalization of $15.57 billion, a price-to-earnings ratio of -3.70 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted ($1.48) earnings per share. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other news, 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 transaction, the chief financial officer now directly owns 851,637 shares of the company's stock, valued at $12,774,555. The trade was a 1.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, 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 384,265 shares of company stock valued at $5,201,750 in the last three months. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Modern Wealth Management LLC acquired a new position in shares of Rivian Automotive in the 1st quarter valued at $135,000. Strs Ohio bought a new position in shares of Rivian Automotive in the 1st quarter valued at about $1,180,000. GK Wealth Management LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at about $150,000. Geneos Wealth Management Inc. lifted its position in Rivian Automotive by 57.1% during the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock worth $64,000 after acquiring an additional 1,856 shares during the last quarter. Finally, Belpointe Asset Management LLC lifted its position in Rivian Automotive by 9.0% during the first quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker's stock worth $239,000 after acquiring an additional 1,581 shares during the last quarter. 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.