Rivian Automotive (NASDAQ:RIVN) Trading 2.7% Higher - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 2.7% during trading on Wednesday . The stock traded as high as $13.75 and last traded at $13.75. 4,522,080 shares traded hands during trading, a decline of 87% from the average session volume of 36,050,159 shares. The stock had previously closed at $13.39.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIVN. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Piper Sandler increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average price target of $14.33.

Rivian Automotive Stock Performance

The company has a 50-day simple moving average of $13.76 and a two-hundred day simple moving average of $13.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The firm has a market capitalization of $15.52 billion, a P/E ratio of -3.71 and a beta of 1.86.

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

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the sale, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock valued at $5,201,750 in the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. increased its position in shares of Rivian Automotive by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Twinbeech Capital LP bought a new stake in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Mountain Hill Investment Partners Corp. purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $1,363,000. Groupama Asset Managment bought a new position in Rivian Automotive in the fourth quarter worth approximately $26,600,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Rivian Automotive during the 4th quarter worth $10,448,000. Hedge funds and other institutional investors 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.

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