Rivian Automotive (NASDAQ:RIVN) Trading Up 4% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 4% during trading on Monday . The stock traded as high as $16.79 and last traded at $16.48. Approximately 34,975,083 shares traded hands during trading, an increase of 10% from the average session volume of 31,786,395 shares. The stock had previously closed at $15.84.

Analyst Ratings Changes

Several equities research analysts have weighed in on RIVN shares. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, June 10th. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Tigress Financial reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, April 10th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.95.

Rivian Automotive Stock Up 4.0%

The business’s 50 day moving average is $16.32 and its 200 day moving average is $15.98. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company has a market cap of $22.43 billion, a P/E ratio of -5.64 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the firm earned ($0.48) EPS. The business’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities analysts anticipate that Rivian Automotive, Inc. will post -3.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,023 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of Rivian Automotive stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 68,385 shares of company stock worth $1,125,094 in the last three months. 1.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive during the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. boosted its stake in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Rivian Automotive in the third quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT purchased a new position in Rivian Automotive in the fourth quarter worth $33,000. 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.