Rivian Automotive (NASDAQ:RIVN) Trading Up 2.8% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price shot up 2.8% during mid-day trading on Thursday . The stock traded as high as $13.91 and last traded at $13.77. 15,891,768 shares were traded during mid-day trading, a decline of 56% from the average session volume of 36,158,413 shares. The stock had previously closed at $13.39.

Analyst Ratings Changes

A number of research firms recently commented on RIVN. Benchmark reiterated a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday, May 6th. Stifel Nicolaus lifted their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Piper Sandler upped their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company decreased their target price 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. Four 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $14.33.

Rivian Automotive Stock Up 2.8%

The stock has a 50-day moving average of $13.80 and a 200 day moving average of $13.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The company has a market cap of $15.57 billion, a P/E ratio of -3.70 and a beta of 1.86.

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, topping the consensus estimate of ($0.80) by $0.23. The firm 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%. The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company earned ($1.48) earnings per share. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 9,937 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the sale, the chief financial officer now owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock worth $5,201,750 in the last ninety days. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PFS Partners LLC boosted its position in Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after buying an additional 1,882 shares during the period. Banque Transatlantique SA raised its stake 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 valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the fourth quarter worth $27,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth $34,000. Finally, WPG Advisers LLC bought a new stake in shares of Rivian Automotive in the first quarter worth $34,000. 66.25% of the stock is currently owned by institutional investors.

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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