Rivian Automotive (NASDAQ:RIVN) Shares Up 0.3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 0.3% during mid-day trading on Friday . The company traded as high as $10.59 and last traded at $10.46. Approximately 5,736,864 shares were traded during trading, a decline of 85% from the average daily volume of 39,072,367 shares. The stock had previously closed at $10.43.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIVN. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Canaccord Genuity Group dropped their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Wedbush reiterated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, August 7th. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $17.09.

Rivian Automotive Stock Performance

The firm has a market capitalization of $10.54 billion, a PE ratio of -1.75 and a beta of 2.03. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The company’s fifty day simple moving average is $12.04 and its 200 day simple moving average is $12.25.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. As a group, equities research analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the business. Vicus Capital increased its position in shares of Rivian Automotive by 11.6% in the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the last quarter. SteelPeak Wealth LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $265,000. Albion Financial Group UT lifted its holdings in shares of Rivian Automotive by 346.4% during the 1st quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock worth $1,141,000 after acquiring an additional 80,841 shares during the last quarter. Norden Group LLC purchased a new position in Rivian Automotive in the first quarter worth $132,000. Finally, Principal Financial Group Inc. increased its stake in Rivian Automotive by 37.4% in the first quarter. Principal Financial Group Inc. now owns 57,371 shares of the electric vehicle automaker’s stock valued at $628,000 after acquiring an additional 15,603 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.