Rivian Automotive (NASDAQ:RIVN) Trading Up 3.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 3.2% during mid-day trading on Thursday . The company traded as high as $13.78 and last traded at $13.72. Approximately 14,342,929 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 39,645,727 shares. The stock had previously closed at $13.30.

Analyst Ratings Changes

A number of brokerages have recently commented on RIVN. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Guggenheim dropped their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Barclays reduced their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.74.

Rivian Automotive Trading Up 24.5 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average price of $12.18 and a two-hundred day moving average price of $12.93. The firm has a market capitalization of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 256,000 shares of company stock worth $3,312,443. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Baillie Gifford & Co. grew its position in Rivian Automotive by 52.5% in 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 acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC raised its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Renaissance Technologies LLC raised its position in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares during the period. Finally, abrdn plc grew its position 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 worth $38,587,000 after buying an additional 518,561 shares in the last quarter. Institutional investors and hedge funds 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.