Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 1.1% during trading on Friday . The stock traded as high as $10.81 and last traded at $10.73. Approximately 6,067,590 shares changed hands during trading, a decline of 84% from the average daily volume of 37,136,337 shares. The stock had previously closed at $10.61.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIVN shares. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $10.00 in a research note on Monday, February 24th. Guggenheim dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Cowen started coverage on Rivian Automotive in a research report on Thursday, March 6th. They set a “hold” rating for the company. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, TD Cowen initiated coverage on Rivian Automotive in a research note on Friday, March 7th. They issued a “hold” rating and a $12.70 price target for the company. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.73.

Rivian Automotive Stock Performance

The firm has a market capitalization of $12.14 billion, a PE ratio of -2.27 and a beta of 2.03. The business has a 50-day simple moving average of $12.86 and a 200-day simple moving average of $12.30. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 203,928 shares of company stock valued at $3,013,134. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RIVN. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Rivian Automotive in the 4th quarter valued at about $3,198,000. PKO Investment Management Joint Stock Co purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $479,000. Siemens Fonds Invest GmbH purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at approximately $145,000. Gould Capital LLC grew its stake in Rivian Automotive by 87.6% in the fourth quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock worth $93,000 after purchasing an additional 3,280 shares in the last quarter. Finally, Parr Mcknight Wealth Management Group LLC purchased a new position in Rivian Automotive during the 4th quarter worth $206,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.