Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.9% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 4.9% on Monday . The company traded as high as $12.20 and last traded at $12.17. 10,165,248 shares were traded during mid-day trading, a decline of 72% from the average session volume of 36,892,614 shares. The stock had previously closed at $11.60.

Analyst Ratings Changes

A number of research analysts have commented on RIVN shares. Truist Financial raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Mizuho dropped their price objective on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Robert W. Baird restated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Bank of America lowered shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Up 1.4 %

The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of -2.62 and a beta of 2.03. 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 business’s 50-day simple moving average is $12.36 and its 200-day simple moving average is $12.14.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,998 shares of company stock worth $1,744,184 in the last three months. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive during the fourth quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the third quarter valued at about $28,000. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the fourth quarter worth about $34,000. Finally, Bear Mountain Capital Inc. raised its position in shares of Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.