Rivian Automotive (NASDAQ:RIVN) Trading Up 13.2% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 13.2% during mid-day trading on Monday . The company traded as high as $11.72 and last traded at $11.59. Approximately 30,512,645 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 39,538,938 shares. The stock had previously closed at $10.24.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RIVN shares. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Royal Bank of Canada dropped their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Barclays cut their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a fifty day moving average of $10.75 and a 200-day moving average of $12.43. The stock has a market capitalization of $11.84 billion, a price-to-earnings ratio of -2.07 and a beta of 2.04.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,142,188 over the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIVN. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. lifted its stake in shares of 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 worth $29,000 after purchasing an additional 1,002 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in 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. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the second 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.