Rivian Automotive (NASDAQ:RIVN) Sees Unusually-High Trading Volume – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares saw unusually-strong trading volume on Wednesday . Approximately 164,896,291 shares changed hands during mid-day trading, an increase of 350% from the previous session’s volume of 36,658,273 shares.The stock last traded at $15.5970 and had previously closed at $12.50.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RIVN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. UBS Group increased their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, October 6th. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Finally, Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $13.67.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. The firm has a market capitalization of $18.61 billion, a P/E ratio of -4.75 and a beta of 1.82. The company has a 50-day moving average price of $13.79 and a 200-day moving average price of $13.62.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.46) earnings per share. On average, sell-side analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 42,147 shares of company stock worth $577,593. Corporate insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Assetmark Inc. lifted its holdings in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares in the last quarter. Banque Transatlantique SA raised its holdings in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares in the last quarter. Mather Group LLC. bought a new stake in Rivian Automotive during the third quarter worth about $30,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive during the second quarter worth about $31,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

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.