Rivian Automotive (NASDAQ:RIVN) Trading 2.2% Higher - Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 2.2% on Thursday . The company traded as high as $12.27 and last traded at $12.06. Approximately 6,384,011 shares changed hands during trading, a decline of 82% from the average daily volume of 36,422,205 shares. The stock had previously closed at $11.80.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RIVN. Bank of America cut Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday. Benchmark reissued a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research report on Tuesday, March 18th. Sanford C. Bernstein started coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective on the stock. Finally, Cantor Fitzgerald cut Rivian Automotive from an "overweight" rating to a "neutral" rating and increased their target price for the stock from $13.00 to $15.00 in a report on Friday, February 21st. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $14.08.

Rivian Automotive Trading Up 4.5 %

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 cap of $14.91 billion, a P/E ratio of -2.79 and a beta of 1.89. The firm's fifty day moving average price is $11.71 and its two-hundred day moving average price is $12.13.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. The trade was a 7.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock worth $2,154,905. Insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas purchased a new stake in shares of Rivian Automotive in the first quarter worth $1,382,000. Revisor Wealth Management LLC bought a new stake in Rivian Automotive during the 1st quarter valued at about $140,000. Krane Funds Advisors LLC raised its holdings in Rivian Automotive by 11.2% in the first quarter. Krane Funds Advisors LLC now owns 211,837 shares of the electric vehicle automaker's stock worth $2,637,000 after buying an additional 21,308 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Rivian Automotive by 36.9% in the first quarter. Summit Trail Advisors LLC now owns 14,460 shares of the electric vehicle automaker's stock worth $180,000 after buying an additional 3,898 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in shares of Rivian Automotive by 251.6% during the first quarter. Vontobel Holding Ltd. now owns 157,974 shares of the electric vehicle automaker's stock valued at $1,967,000 after buying an additional 113,046 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.