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

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report) shares shot up 0.5% on Wednesday . The stock traded as high as $10.58 and last traded at $10.52. 4,923,540 shares changed hands during trading, a decline of 87% from the average session volume of 38,882,043 shares. The stock had previously closed at $10.47.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIVN. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Wells Fargo & Company decreased their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Barclays reduced their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Wolfe Research started coverage on Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.09.

Get Our Latest Stock Analysis on Rivian Automotive

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The company has a market cap of $10.41 billion, a P/E ratio of -1.77 and a beta of 2.03. The firm’s fifty day moving average is $11.94 and its two-hundred day moving average is $12.28.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.84 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. 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. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction 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 sale, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC boosted its position in 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 purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. lifted its position 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 valued at $29,000 after acquiring an additional 1,002 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Rivian Automotive in the second quarter valued at approximately $37,000. Finally, First Horizon Advisors Inc. increased its position 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 worth $38,000 after purchasing an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

(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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