Rivian Automotive (NASDAQ:RIVN) Trading Up 2.1% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 2.1% on Tuesday . The company traded as high as $16.13 and last traded at $16.10. Approximately 19,298,913 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 31,497,213 shares. The stock had previously closed at $15.77.

Analyst Ratings Changes

Several research analysts have commented on the company. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. Wells Fargo & Company raised their price objective 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. Bank of America assumed coverage on Rivian Automotive in a research note on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective on the stock. Finally, Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and upped their target price for the company from $14.00 to $25.00 in a report on Thursday, December 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.05.

Rivian Automotive Stock Performance

The company has a 50-day moving average price of $15.63 and a two-hundred day moving average price of $15.87. The company has a current ratio of 2.33, a quick ratio of 1.89 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $19.98 billion, a P/E ratio of -5.24 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned ($0.70) EPS. The firm’s revenue for the quarter was down 25.8% compared to the same quarter last year. On average, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was 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 represents a 3.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $455,834.40. Following the sale, the chief financial officer directly owned 680,836 shares of the company’s stock, valued at approximately $11,438,044.80. This trade represents a 3.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 131,833 shares of company stock worth $2,196,995. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the stock. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter valued at about $27,000. SOA Wealth Advisors LLC. grew its stake in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at about $33,000. Glass Jacobson Investment Advisors llc increased its position in Rivian Automotive by 96.3% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 852 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its position in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.