Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.5% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.5% on Monday . The stock traded as high as $15.65 and last traded at $15.36. 19,468,574 shares were traded during mid-day trading, a decline of 34% from the average session volume of 29,627,283 shares. The stock had previously closed at $14.99.

Analyst Ratings Changes

Several research firms recently commented on RIVN. Citigroup initiated coverage on Rivian Automotive in a research report on Monday, September 14th. They set a “hold” rating and a $18.00 target price for the company. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $18.00 to $20.00 in a report on Monday, July 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday, August 4th. Finally, BNP Paribas Exane upped their target price on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $19.00.

Rivian Automotive Stock Up 2.5%

The firm has a market capitalization of $22.24 billion, a price-to-earnings ratio of -5.95 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a fifty day moving average price of $16.16 and a 200 day moving average price of $15.91.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the company earned ($0.97) EPS. Rivian Automotive’s revenue for the quarter was up 27.2% on a year-over-year basis. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -2.98 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 819,178 shares of the company’s stock, valued at approximately $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 56,167 shares of company stock worth $963,306. Insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive during the fourth quarter worth approximately $27,000. MCF Advisors LLC increased its holdings in shares of Rivian Automotive by 3,500.0% in the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,750 shares in the last quarter. MTM Investment Management LLC raised its position in Rivian Automotive by 115.0% in the 4th quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock worth $42,000 after purchasing an additional 1,150 shares during the last quarter. Ancora Advisors LLC bought a new position in Rivian Automotive in the 2nd quarter worth approximately $44,000. Finally, Oslo Pensjonsforsikring AS acquired a new position in Rivian Automotive during the 1st quarter worth $39,000. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.