Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 7.3% on Tuesday . The company traded as high as $13.30 and last traded at $13.36. Approximately 13,748,958 shares changed hands during trading, a decline of 58% from the average daily volume of 32,384,252 shares. The stock had previously closed at $12.45.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RIVN. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $13.00 to $15.00 in a research report on Friday, February 21st. Robert W. Baird reiterated a “neutral” rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Needham & Company LLC boosted their price target on Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.38.

Rivian Automotive Stock Performance

The firm’s fifty day moving average price is $12.22 and its two-hundred day moving average price is $12.11. The stock has a market capitalization of $13.61 billion, a PE ratio of -2.57 and a beta of 2.03. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,427 shares of company stock valued at $2,588,475 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Tandem Financial LLC purchased a new stake in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new position in Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the third quarter worth about $28,000. Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. Finally, Bear Mountain Capital Inc. increased its stake in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after buying an additional 1,932 shares during the period. 66.25% of the stock is currently 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.