Rivian Automotive (NASDAQ:RIVN) Shares Up 5.1% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 5.1% during trading on Wednesday . The company traded as high as $14.18 and last traded at $14.02. 12,869,345 shares traded hands during trading, a decline of 69% from the average session volume of 41,676,266 shares. The stock had previously closed at $13.34.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Barclays decreased their price objective 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. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. One equities 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 company’s stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Performance

The business has a fifty day simple moving average of $12.72 and a two-hundred day simple moving average of $13.06. 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 company has a market cap of $14.10 billion, a P/E ratio of -2.47 and a beta of 2.05.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the business. Private Advisor Group LLC increased its holdings in Rivian Automotive by 8.1% during the 2nd quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock worth $700,000 after purchasing an additional 3,904 shares during the period. Acadian Asset Management LLC acquired a new stake in Rivian Automotive during the 2nd quarter worth about $258,000. American Century Companies Inc. lifted its position in Rivian Automotive by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after acquiring an additional 6,105 shares during the period. Forsta AP Fonden lifted its position in Rivian Automotive by 12.7% during the 2nd quarter. Forsta AP Fonden now owns 157,100 shares of the electric vehicle automaker’s stock worth $2,108,000 after acquiring an additional 17,700 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after acquiring an additional 29,218 shares during the period. 66.25% of the stock is owned by institutional investors.

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.