Rivian Automotive (NASDAQ:RIVN) Trading Up 3.3% - Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) rose 3.3% during mid-day trading on Tuesday . The stock traded as high as $11.74 and last traded at $11.51. Approximately 7,380,461 shares changed hands during trading, a decline of 80% from the average daily volume of 36,496,723 shares. The stock had previously closed at $11.15.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Barclays upped their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Wednesday, January 22nd. Mizuho dropped their price target on Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Robert W. Baird decreased their target price on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. cut their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Friday. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $14.08.

Rivian Automotive Stock Up 4.4 %

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 $14.27 billion, a price-to-earnings ratio of -2.67 and a beta of 1.89. The firm has a 50 day simple moving average of $11.71 and a two-hundred day simple moving average of $12.12.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate 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, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company'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 completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive 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 completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 in the last quarter. Company insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of RIVN. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth $25,000. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive during the 3rd quarter worth about $28,000. Finally, Orion Capital Management LLC bought a new position in shares of Rivian Automotive in the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.