Rivian Automotive (NASDAQ:RIVN) Stock Price Up 6% - Time to Buy?

Key Points

• Rivian Automotive's stock price increased by 6% to $15.24, with trading volume significantly rising to over 72 million shares, a 103% increase compared to average volume.
• Analyst ratings are mixed, with five analysts rating it a Buy, while the consensus price target stands at $13.67, well below the current trading price.
• The company reported a Q2 loss of ($0.97) earnings per share, missing estimates, but revenue increased by 12.5% year-over-year.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 6% during mid-day trading on Monday . The company traded as high as $15.43 and last traded at $15.24. 72,686,931 shares were traded during trading, an increase of 103% from the average session volume of 35,810,059 shares. The stock had previously closed at $14.38.

Analyst Ratings Changes

A number of research firms have recently commented on RIVN. Morgan Stanley reduced their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Friday, August 8th. Needham & Company LLC restated a "buy" rating and issued a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a research report on Wednesday, August 6th. Finally, Canaccord Genuity Group dropped their price target on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $13.67.

Rivian Automotive Price Performance

The stock has a market cap of $18.49 billion, a P/E ratio of -4.72 and a beta of 1.81. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The business's 50-day simple moving average is $13.17 and its two-hundred day simple moving average is $13.13.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business's revenue was up 12.5% on a year-over-year basis. During the same period last year, the company posted ($1.46) EPS. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,147 shares of company stock worth $577,593 over the last ninety days. Insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in the stock. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the period. Assetmark Inc. raised its stake in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,357 shares in the last quarter. Banque Transatlantique SA boosted its stake in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after acquiring an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of 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 acquiring an additional 1,000 shares during the last quarter. Finally, Fairman Group LLC purchased a new position in shares of Rivian Automotive in the second quarter worth $31,000. 66.25% of the stock is owned by institutional investors.

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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