Rivian Automotive (NASDAQ:RIVN) Trading Up 1.2% - Time to Buy?

Key Points

• Rivian Automotive's stock rose by 1.2% to close at $12.21, with trading volume significantly below average at approximately 15.35 million shares.
• Equity analysts have mixed opinions on Rivian, with an average rating of "Hold" and target prices ranging from $9.00 to $16.00 among various firms.
• The company reported a quarterly earnings loss of ($0.97) EPS, missing estimates, but posted a 12.5% increase in revenue year-over-year, indicating some positive growth potential.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 1.2% during trading on Friday . The company traded as high as $12.30 and last traded at $12.21. Approximately 15,345,461 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 32,921,871 shares. The stock had previously closed at $12.06.

Analyst Ratings Changes

A number of equities research analysts have commented on RIVN shares. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Wedbush dropped their target price on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Mizuho raised their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Morgan Stanley dropped their target price on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a report on Wednesday, August 6th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $13.69.

Rivian Automotive Stock Performance

The company has a 50-day moving average price of $13.21 and a two-hundred day moving average price of $12.95. The company has a market capitalization of $14.02 billion, a PE ratio of -3.85 and a beta of 1.80. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC increased its position in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares in the last quarter. Advisory Services Network LLC raised its stake in Rivian Automotive by 8.3% during the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker's stock valued at $228,000 after buying an additional 1,314 shares during the last quarter. Sterling Capital Management LLC raised its stake in Rivian Automotive by 57.0% during the fourth quarter. Sterling Capital Management LLC now owns 50,034 shares of the electric vehicle automaker's stock valued at $665,000 after buying an additional 18,161 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in Rivian Automotive by 34.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 50,156 shares of the electric vehicle automaker's stock valued at $666,000 after buying an additional 12,867 shares during the last quarter. Finally, Townsquare Capital LLC raised its stake in Rivian Automotive by 26.9% during the fourth quarter. Townsquare Capital LLC now owns 29,731 shares of the electric vehicle automaker's stock valued at $395,000 after buying an additional 6,303 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.

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