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

Rivian Automotive, Inc. (NASDAQ:RIVN) 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.

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:RIVN) 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

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.