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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.5% during trading on Monday . The company traded as high as $10.17 and last traded at $10.09. 4,841,985 shares traded hands 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.

Analysts Set New Price Targets

A number of brokerages recently commented on RIVN. Mizuho raised their price target on Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, July 12th. Guggenheim initiated coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Canaccord Genuity Group lowered their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Piper Sandler reissued an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. raised their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a research report on Wednesday, June 26th. 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $17.18.

Rivian Automotive Stock Performance

The stock has a market capitalization of $10.00 billion, a PE ratio of -1.75 and a beta of 2.03. The firm has a 50 day moving average price of $12.36 and a 200-day moving average price of $12.26. 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 posted its earnings results 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. 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 news, 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 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,876 shares of company stock valued at $2,153,551. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. lifted its position in Rivian Automotive by 1.7% during the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. raised its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. GAMMA Investing LLC raised its position in Rivian Automotive by 28.0% in the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after purchasing an additional 760 shares during the period. Certuity LLC raised its position in Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares during the period. Finally, Sanders Morris Harris LLC raised its position in Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after purchasing an additional 823 shares during the period. 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.