Rivian Automotive (NASDAQ:RIVN) Stock Jumps 1.2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 1.2% during mid-day trading on Tuesday. The company traded as high as $15.34 and last traded at $14.97. Approximately 28,036,240 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 29,415,346 shares. The stock had previously closed at $14.79.

Analyst Ratings Changes

A number of brokerages recently weighed in on RIVN. Needham & Company LLC restated a “buy” rating on shares of Rivian Automotive in a research note on Monday, August 10th. 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 report on Friday, July 31st. BNP Paribas Exane increased their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and raised their price target for the company from $18.00 to $20.00 in a report on Monday, July 27th. Finally, Morgan Stanley boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “underweight” rating in a research note on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $19.00.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The firm has a market cap of $21.56 billion, a price-to-earnings ratio of -5.77 and a beta of 1.62. The firm has a fifty day simple moving average of $15.79 and a two-hundred day simple moving average of $15.88.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.03. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates 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 was up 27.2% on a year-over-year basis. During the same period last year, the firm posted ($0.97) EPS. On average, analysts expect that Rivian Automotive, Inc. will post -2.96 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire McDonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 819,178 shares in the company, valued at approximately $13,106,848. The trade was a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Michael John Callahan sold 15,000 shares of the stock in a transaction on Friday, September 11th. The stock was 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 in the company, valued at $16,563,281.04. The trade was a 1.45% 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. In the last ninety days, insiders sold 56,167 shares of company stock worth $963,306. Company insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Parallel Advisors LLC lifted its stake in shares of Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after purchasing an additional 613 shares during the period. Tradition Wealth Management LLC lifted its stake in Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock valued at $277,000 after buying an additional 753 shares in the last quarter. Reynders McVeigh Capital Management LLC boosted its stake in shares of Rivian Automotive by 6.8% during the second quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock valued at $274,000 after acquiring an additional 1,000 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Rivian Automotive by 2.0% during the second quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after buying an additional 1,134 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC grew its stake in Rivian Automotive by 6.5% in the 4th quarter. Grey Fox Wealth Advisors LLC now owns 18,756 shares of the electric vehicle automaker’s stock worth $370,000 after acquiring an additional 1,151 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.