Rivian Automotive (NASDAQ:RIVN) Trading 1.7% Higher - Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were up 1.7% during mid-day trading on Friday . The company traded as high as $13.46 and last traded at $13.09. Approximately 21,513,393 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 33,676,591 shares. The stock had previously closed at $12.87.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cowen initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 6th. They set a "hold" rating for the company. Mizuho lifted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Wall Street Zen upgraded Rivian Automotive from a "sell" rating to a "hold" rating in a research report on Sunday, June 22nd. Benchmark reiterated a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Finally, TD Cowen assumed coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Price Performance

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 stock has a 50-day simple moving average of $14.23 and a 200 day simple moving average of $13.14. The stock has a market capitalization of $14.80 billion, a price-to-earnings ratio of -3.52 and a beta of 1.81.

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

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,428 shares of the company's 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 transaction, the chief executive officer directly owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 312,836 shares of company stock valued at $4,357,459 in the last three months. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Modern Wealth Management LLC bought a new stake in Rivian Automotive in the first quarter worth approximately $135,000. Strs Ohio bought a new stake in Rivian Automotive in the first quarter worth $1,180,000. GK Wealth Management LLC bought a new stake in Rivian Automotive in the first quarter worth $150,000. Geneos Wealth Management Inc. increased 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 buying an additional 1,856 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its holdings 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 valued at $239,000 after buying an additional 1,581 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

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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