Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.5% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 4.5% during mid-day trading on Tuesday . The company traded as high as $14.23 and last traded at $14.32. Approximately 14,901,252 shares changed hands during trading, a decline of 55% from the average daily volume of 32,797,684 shares. The stock had previously closed at $13.70.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wedbush dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and set a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Wall Street Zen upgraded shares of Rivian Automotive from a "sell" rating to a "hold" rating in a research note on Sunday, June 22nd. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $14.38.

Rivian Automotive Stock Up 1.4%

The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. The business's fifty day simple moving average is $14.04 and its 200-day simple moving average is $13.07.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.48) EPS. Analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,428 shares of the firm's stock in a transaction on Monday, May 19th. The stock was 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 $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the chief financial officer owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,694 shares of company stock valued at $3,144,612. 2.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 7.8% during the first 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 during the period. Geode Capital Management LLC increased its stake in shares of Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors purchased a new position in Rivian Automotive in the fourth quarter valued at about $144,030,000. Norges Bank purchased a new position in Rivian Automotive in the fourth quarter valued at about $123,308,000. Finally, Soma Equity Partners LP grew its stake in Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. Hedge funds and other institutional investors 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.