Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher - Time to Buy?

Key Points

• Rivian Automotive's stock increased by 2.4%, trading at $12.07 after a low trading volume of 12.8 million shares, significantly below the average of 32.8 million shares.
• Recent analyst adjustments include target price reductions from firms such as Wells Fargo and Stifel Nicolaus, indicating a cautious outlook with a consensus "Hold" rating and price target of $13.73.
• Rivian reported a quarterly loss of (\$0.97) EPS, missing estimates, while still achieving a revenue of $1.30 billion, which was slightly above expectations.

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 2.4% on Monday . The stock traded as high as $12.33 and last traded at $12.07. 12,840,663 shares traded hands during trading, a decline of 61% from the average session volume of 32,854,535 shares. The stock had previously closed at $11.79.

Analyst Ratings Changes

RIVN has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Canaccord Genuity Group dropped their target price on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Needham & Company LLC dropped their target price on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Four research analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $13.73.

Rivian Automotive Stock Up 1.2%

The firm has a market cap of $13.49 billion, a price-to-earnings ratio of -3.69 and a beta of 1.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The stock has a 50-day moving average of $13.37 and a 200-day moving average of $12.97.

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

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of the firm'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 completion of the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,694 shares of company stock worth $3,144,612 in the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. PFS Partners LLC boosted its holdings in shares of Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after acquiring an additional 1,882 shares in the last quarter. Assetmark Inc. boosted its holdings 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 valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. Banque Transatlantique SA boosted its holdings in shares of Rivian Automotive by 13,194.1% during the 1st 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. Fairman Group LLC acquired a new stake in shares of Rivian Automotive during the 2nd quarter valued at $31,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $34,000. Institutional investors and hedge funds 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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