Rivian Automotive (NASDAQ:RIVN) Shares Up 2.3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 2.3% on Wednesday . The company traded as high as $14.37 and last traded at $14.06. 15,903,836 shares traded hands during trading, a decline of 60% from the average session volume of 39,882,773 shares. The stock had previously closed at $13.75.

Analysts Set New Price Targets

Several brokerages have issued reports on RIVN. Canaccord Genuity Group dropped their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price target 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. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Stock Up 2.3 %

The firm has a fifty day moving average of $11.59 and a 200 day moving average of $12.81. 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 market cap of $14.35 billion, a PE ratio of -2.51 and a beta of 2.12.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,571 shares of company stock worth $2,321,008 in the last ninety days. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Certuity LLC raised its holdings in Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after purchasing an additional 815 shares during the last quarter. John G Ullman & Associates Inc. boosted its stake in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after acquiring an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% in the 3rd 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 in the last quarter. Intech Investment Management LLC raised its position in shares of Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after buying an additional 1,055 shares during the last quarter. Finally, Tradition Wealth Management LLC lifted its stake in shares of Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the period. 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.