Rivian Automotive (NASDAQ:RIVN) Stock Price Up 21.4% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price was up 21.4% on Friday . The stock traded as high as $16.15 and last traded at $16.08. Approximately 53,514,146 shares were traded during trading, an increase of 40% from the average daily volume of 38,227,508 shares. The stock had previously closed at $13.25.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIVN. Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Piper Sandler lowered their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Trading Up 22.3 %

The firm has a market capitalization of $16.53 billion, a P/E ratio of -2.89 and a beta of 2.12. 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 stock’s 50-day simple moving average is $12.06 and its two-hundred day simple moving average is $12.90.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated 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 sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock worth $3,312,443 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. lifted its position in Rivian Automotive by 52.5% during the third 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 during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of 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 acquiring an additional 3,285,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings 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 acquiring an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC grew its position in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Rivian Automotive during the second quarter valued at approximately $9,388,000. Institutional investors own 66.25% of the company’s stock.

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.