Rivian Automotive (NASDAQ:RIVN) Shares Up 2.7% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 2.7% during trading on Tuesday . The stock traded as high as $16.30 and last traded at $16.17. 16,830,750 shares traded hands during trading, a decline of 44% from the average session volume of 29,971,332 shares. The stock had previously closed at $15.74.

Wall Street Analyst Weigh In

RIVN has been the subject of several research analyst reports. TD Cowen lifted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Morgan Stanley upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Wall Street Zen cut shares of Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday. DA Davidson raised their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $19.00 price objective on shares of Rivian Automotive in a research report on Tuesday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.05.

Rivian Automotive Trading Up 2.7%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The stock has a market cap of $23.41 billion, a PE ratio of -6.27 and a beta of 1.62. The firm has a 50-day moving average price of $16.55 and a 200-day moving average price of $15.89.

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

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of Rivian Automotive 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 owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 41,167 shares of company stock worth $718,956 in the last 90 days. Company insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Core Wealth Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter valued at about $27,000. Zions Bancorporation National Association UT purchased a new stake in Rivian Automotive in the 4th quarter worth $33,000. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at about $39,000. Finally, Ameriflex Group Inc. bought a new stake in Rivian Automotive during the fourth quarter valued at about $39,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.