Rivian Automotive (NASDAQ:RIVN) Trading 2.8% Higher - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price shot up 2.8% on Tuesday . The company traded as high as $14.68 and last traded at $14.50. 7,759,640 shares were traded during trading, a decline of 79% from the average session volume of 36,153,105 shares. The stock had previously closed at $14.10.

Analyst Ratings Changes

Several research analysts have commented on RIVN shares. Benchmark reissued a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 18th. The Goldman Sachs Group dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. TD Cowen assumed coverage on Rivian Automotive in a report on Friday, March 7th. They issued a "hold" rating and a $12.70 price target for the company. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Tuesday, May 6th. Finally, Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Stock Down 2.5%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market capitalization of $15.84 billion, a P/E ratio of -2.97 and a beta of 1.86. The stock has a fifty day moving average price of $13.37 and a two-hundred day moving average price of $12.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same quarter in the previous year, the firm earned ($1.48) earnings per share. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. Research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred 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 now directly owns 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock worth $5,201,750 over the last quarter. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tandem Financial LLC bought a new stake in Rivian Automotive in the 4th quarter valued at about $25,000. PFS Partners LLC increased its stake in shares of Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares during the period. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares during the period. Finally, Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth approximately $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.