Rivian Automotive (NASDAQ:RIVN) Trading 3.2% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 3.2% during trading on Tuesday . The stock traded as high as $16.07 and last traded at $15.82. 21,436,054 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 30,543,703 shares. The stock had previously closed at $15.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Benchmark reaffirmed a “buy” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Bank of America assumed coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research report on Thursday, January 22nd. The Goldman Sachs Group upped their target price on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Finally, Wells Fargo & Company increased their target price on Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.00.

Rivian Automotive Stock Up 3.2%

The company has a quick ratio of 1.89, a current ratio of 2.33 and a debt-to-equity ratio of 0.97. The stock has a market cap of $19.63 billion, a P/E ratio of -5.15 and a beta of 1.74. The company’s 50 day moving average price is $16.02 and its two-hundred day moving average price is $15.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.02. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted ($0.70) earnings per share. The business’s revenue for the quarter was down 25.8% on a year-over-year basis. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $586,320.00. Following the transaction, the chief executive officer directly owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total transaction of $455,834.40. Following the transaction, the chief financial officer directly owned 680,836 shares in the company, valued at approximately $11,438,044.80. The trade was a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 131,833 shares of company stock worth $2,298,729 in the last three months. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Rockefeller Capital Management L.P. increased its holdings in shares of Rivian Automotive by 6.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 55,391 shares of the electric vehicle automaker’s stock valued at $1,092,000 after acquiring an additional 3,119 shares during the period. Osbon Capital Management LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $57,000. Corient Private Wealth LLC lifted its stake in shares of Rivian Automotive by 41.6% during the 4th quarter. Corient Private Wealth LLC now owns 94,501 shares of the electric vehicle automaker’s stock worth $1,863,000 after purchasing an additional 27,785 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Rivian Automotive by 2,212.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 62,168 shares of the electric vehicle automaker’s stock valued at $1,225,000 after purchasing an additional 59,480 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL grew its stake in Rivian Automotive by 8,210.2% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 10,554 shares of the electric vehicle automaker’s stock valued at $208,000 after purchasing an additional 10,427 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 is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.