Rivian Automotive (NASDAQ:RIVN) Trading 3.4% Higher - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) traded up 3.4% during trading on Friday . The company traded as high as $13.20 and last traded at $13.34. 14,114,333 shares changed hands during trading, a decline of 57% from the average session volume of 32,708,322 shares. The stock had previously closed at $12.90.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. UBS Group upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Mizuho upped their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Robert W. Baird lowered their target price 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. Finally, Needham & Company LLC lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Performance

The business has a 50 day moving average of $14.13 and a 200-day moving average of $13.09. 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 company has a market capitalization of $15.46 billion, a P/E ratio of -3.67 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate 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%. Rivian Automotive's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.48) EPS. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 241,407 shares of company stock valued at $3,553,883. Corporate insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after buying an additional 5,610,688 shares in the last quarter. Geode Capital Management LLC increased its holdings in Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Capital International Investors acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Finally, Soma Equity Partners LP boosted its position in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after buying an additional 1,407,772 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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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