Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.8% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1.8% on Thursday. The company traded as high as $15.58 and last traded at $15.29. Approximately 26,728,553 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 29,506,123 shares. The stock had previously closed at $15.02.

Wall Street Analysts Forecast Growth

RIVN has been the topic of a number of analyst reports. UBS Group lifted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft downgraded Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday, August 4th. Stifel Nicolaus set a $22.00 price objective on Rivian Automotive in a research report on Monday, August 24th. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Finally, TD Cowen boosted their target price on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Up 1.8%

The stock has a market cap of $22.14 billion, a price-to-earnings ratio of -5.93 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’s 50 day moving average is $16.02 and its two-hundred day moving average is $15.91.

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

Insider Activity at Rivian Automotive

In related news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $16.29, for a total transaction of $244,350.00. Following the completion of the sale, the insider owned 1,016,776 shares of the company’s stock, valued at approximately $16,563,281.04. This represents a 1.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the director owned 110,000 shares in the company, valued at $2,200,000. The trade was a 15.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 56,167 shares of company stock worth $963,306. 1.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter worth approximately $220,323,000. Bank of New York Mellon Corp acquired a new position in shares of Rivian Automotive during the second quarter worth $49,915,000. Capital International Investors lifted its position in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Rivian Automotive in the fourth quarter valued at $24,263,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Rivian Automotive by 55.8% in the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock valued at $46,625,000 after purchasing an additional 1,109,171 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.