Rivian Automotive (NASDAQ:RIVN) Trading 3.1% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 3.1% during mid-day trading on Thursday . The company traded as high as $10.83 and last traded at $10.48. Approximately 14,195,016 shares were traded during trading, a decline of 64% from the average daily volume of 39,141,895 shares. The stock had previously closed at $10.16.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RIVN shares. UBS Group lowered their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Canaccord Genuity Group lowered their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, Wolfe Research started coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $17.09.

Rivian Automotive Price Performance

The business’s fifty day moving average price is $12.17 and its 200 day moving average price is $12.25. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

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

Insider Transactions at Rivian Automotive

In related news, 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 value of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 169,876 shares of company stock worth $2,153,551. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently made changes to their positions in the company. Quent Capital LLC increased its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. GHP Investment Advisors Inc. raised its holdings in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Rivian Automotive in the second quarter valued at $37,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.