Rivian Automotive (NASDAQ:RIVN) Trading Up 2.6% – Should You Buy?

by · The Markets Daily

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report) were up 2.6% on Tuesday . The stock traded as high as $15.67 and last traded at $15.56. Approximately 29,972,805 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 38,427,340 shares. The stock had previously closed at $15.17.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Mizuho restated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Tigress Financial upped their price objective on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Stifel Nicolaus raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Finally, UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Six analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $14.34.

Check Out Our Latest Stock Analysis on Rivian Automotive

Rivian Automotive Stock Performance

The business’s fifty day moving average is $14.30 and its two-hundred day moving average is $13.89. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $19.08 billion, a PE ratio of -5.00 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN – Get Free Report) last announced its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.02. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.08) EPS. Equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 87,250 shares of company stock valued at $1,357,610. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC lifted its holdings in Rivian Automotive by 47.7% in the third quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock worth $323,000 after purchasing an additional 7,115 shares during the period. Centaurus Financial Inc. bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at approximately $110,000. Coldstream Capital Management Inc. boosted its stake in Rivian Automotive by 128.9% in the third quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after purchasing an additional 69,754 shares in the last quarter. Danske Bank A S acquired a new stake in Rivian Automotive in the third quarter worth about $6,587,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at approximately $39,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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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