Rivian Automotive (NASDAQ:RIVN) Trading 3.1% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s share price traded up 3.1% on Wednesday . The company traded as high as $15.62 and last traded at $15.14. 31,789,958 shares were traded during mid-day trading, an increase of 5% from the average session volume of 30,196,750 shares. The stock had previously closed at $14.69.

Rivian Automotive News Roundup

Here are the key news stories impacting Rivian Automotive this week:

Analyst Ratings Changes

A number of analysts have weighed in on the company. DA Davidson upgraded Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $14.00 price target on the stock in a research note on Wednesday, April 1st. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research note on Monday. The Goldman Sachs Group raised their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Jefferies Financial Group reiterated a “hold” rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Finally, Robert W. Baird upgraded shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $14.00 to $25.00 in a research note on Thursday, December 18th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.05.

View Our Latest Research Report on Rivian Automotive

Rivian Automotive Price Performance

The company’s 50 day moving average is $15.32 and its 200 day moving average is $15.96. 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 $18.79 billion, a price-to-earnings ratio of -4.93 and a beta of 1.69.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.14. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business earned ($0.70) EPS. Rivian Automotive’s revenue for the quarter was down 25.8% compared to the same quarter last year. Research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,900 shares of Rivian Automotive stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value 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. The trade was a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction 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 completion of the transaction, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 134,647 shares of company stock worth $2,159,808. 2.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its stake in Rivian Automotive by 227.0% in the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock valued at $1,719,000 after purchasing an additional 81,291 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Rivian Automotive by 244.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after purchasing an additional 1,152,551 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Rivian Automotive by 211.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 265,600 shares of the electric vehicle automaker’s stock valued at $3,899,000 after purchasing an additional 180,200 shares during the period. New York State Common Retirement Fund increased its stake in shares of Rivian Automotive by 36.4% during the third quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock worth $8,769,000 after acquiring an additional 159,400 shares during the period. Finally, DNB Asset Management AS increased its stake in shares of Rivian Automotive by 85.4% during the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after acquiring an additional 335,511 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

(Get Free Report)

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.

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