Rivian Automotive (NASDAQ:RIVN) Trading 1.5% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 1.5% on Thursday . The stock traded as high as $13.75 and last traded at $13.26. Approximately 9,776,943 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 39,931,309 shares. The stock had previously closed at $13.06.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RIVN. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company cut 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. Canaccord Genuity Group decreased their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price Performance

The firm has a market cap of $13.39 billion, a price-to-earnings ratio of -2.34 and a beta of 2.12. The stock’s fifty day moving average price is $11.32 and its 200-day moving average price is $12.74. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,904 shares of company stock valued at $3,291,004 over the last quarter. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Rivian Automotive in the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. boosted its holdings in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC grew its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the 2nd quarter valued at $37,000. 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.