Rivian Automotive (NASDAQ:RIVN) Shares Up 3.9% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 3.9% during trading on Monday . The company traded as high as $13.56 and last traded at $13.27. Approximately 15,700,677 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 41,326,441 shares. The stock had previously closed at $12.77.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RIVN. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 price objective on shares of Rivian Automotive in a research report on Monday, January 6th. The Goldman Sachs Group increased their price target on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Benchmark assumed coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Mizuho cut their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Trading Down 2.3 %

The company has a market capitalization of $12.68 billion, a PE ratio of -2.22 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company’s fifty day moving average is $13.30 and its 200-day moving average is $12.90.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. abrdn plc grew its holdings in shares of Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $4,184,000. Finally, FORA Capital LLC purchased a new position in Rivian Automotive in the 3rd quarter worth $3,218,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.