Rivian Automotive (NASDAQ:RIVN) Shares Up 6.2% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 6.2% during trading on Thursday . The stock traded as high as $12.09 and last traded at $12.10. Approximately 11,464,040 shares traded hands during trading, a decline of 67% from the average daily volume of 34,484,996 shares. The stock had previously closed at $11.40.

Analysts Set New Price Targets

Several equities analysts have recently commented on RIVN shares. UBS Group upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Mizuho upped their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Piper Sandler reduced their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Finally, Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Price Performance

The company has a market cap of $12.08 billion, a P/E ratio of -2.51 and a beta of 2.04. The company has a fifty day simple moving average of $13.32 and a 200-day simple moving average of $12.44. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,357 shares of company stock valued at $3,988,140 in the last three months. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of the stock. Dimension Capital Management LLC increased its stake in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares during the last quarter. Tradition Wealth Management LLC increased its stake in shares of Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after acquiring an additional 849 shares during the last quarter. John G Ullman & Associates Inc. boosted its holdings in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. RFG Holdings Inc. boosted its holdings in Rivian Automotive by 5.2% in the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Rivian Automotive by 4.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker’s stock worth $354,000 after purchasing an additional 1,160 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.