Rivian Automotive (NASDAQ:RIVN) Shares Up 0.5% – Still a Buy?

by · The Markets Daily

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) shot up 0.5% during mid-day trading on Monday . The stock traded as high as $10.17 and last traded at $10.09. 4,841,985 shares were traded during mid-day trading, a decline of 88% from the average session volume of 39,359,777 shares. The stock had previously closed at $10.04.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Piper Sandler reissued an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Guggenheim began coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, DA Davidson boosted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.18.

View Our Latest Stock Report on Rivian Automotive

Rivian Automotive Stock Performance

The firm has a market capitalization of $10.00 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 $12.36 and its 200 day simple moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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, equities research analysts expect that Rivian Automotive, Inc. will post -4.88 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the 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 transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s 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 transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 over the last ninety days. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vontobel Holding Ltd. grew its holdings in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Renaissance Capital LLC lifted its stake in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after acquiring an additional 148,197 shares during the period. Private Advisory Group LLC purchased a new stake in Rivian Automotive in the third quarter worth $2,109,000. Royal London Asset Management Ltd. lifted its stake in Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

(Get Free Report)

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.

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