Rivian Automotive (NASDAQ:RIVN) Trading Up 2.9% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 2.9% during trading on Tuesday . The stock traded as high as $17.08 and last traded at $16.76. Approximately 25,071,171 shares were traded during trading, a decline of 31% from the average daily volume of 36,093,675 shares. The stock had previously closed at $16.29.

Analysts Set New Price Targets

Several brokerages have issued reports on RIVN. Needham & Company LLC cut their target price on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Tuesday, May 6th. Wells Fargo & Company reduced their target price 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 boosted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Benchmark reaffirmed a "buy" rating and set a $18.00 price objective on shares of Rivian Automotive in a research note on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Trading Down 1.8%

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 $17.67 billion, a PE ratio of -3.31 and a beta of 1.86. The stock's 50-day simple moving average is $12.92 and its 200-day simple moving average is $12.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) 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 company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. During the same quarter in the previous year, the company earned ($1.48) earnings per share. Rivian Automotive's quarterly revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts expect 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 107,144 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the sale, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer now 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. In the last quarter, insiders have sold 384,265 shares of company stock worth $5,201,750. Company insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of 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 worth $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after acquiring an additional 227,168 shares in the last quarter. Capital International Investors purchased a new stake in shares of Rivian Automotive in the fourth quarter worth $144,030,000. Norges Bank bought a new position in shares of Rivian Automotive during the fourth quarter valued at $123,308,000. Finally, Soma Equity Partners LP raised its position in shares of 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 worth $112,865,000 after purchasing an additional 1,407,772 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.