Rivian Automotive (NASDAQ:RIVN) Trading Up 3% - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 3% during mid-day trading on Thursday . The company traded as high as $13.46 and last traded at $13.25. Approximately 12,326,083 shares traded hands during trading, a decline of 63% from the average daily volume of 33,718,915 shares. The stock had previously closed at $12.87.

Analyst Ratings Changes

A number of research firms have commented on RIVN. JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Guggenheim restated a "buy" rating and set a $16.00 price target on shares of Rivian Automotive in a research report on Tuesday, May 6th. Piper Sandler lifted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Up 1.8%

The stock has a market capitalization of $14.82 billion, a P/E ratio of -3.52 and a beta of 1.81. The firm's 50-day simple moving average is $14.21 and its 200 day simple moving average is $13.16. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same period last year, the company earned ($1.48) earnings per share. The business's revenue was up 3.0% compared to the same quarter last year. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive 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 value of $1,633,946.00. Following the sale, the chief executive officer owned 1,483,111 shares in the company, valued at $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of the business'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 transaction, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 312,836 shares of company stock valued at $4,357,459 in the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after acquiring an additional 133,781 shares during the period. Twinbeech Capital LP bought a new position in Rivian Automotive during the 4th quarter worth $29,944,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $1,363,000. Groupama Asset Managment bought a new position in Rivian Automotive during the fourth quarter worth about $26,600,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Rivian Automotive in the 4th quarter valued at about $10,448,000. Institutional investors 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.

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