Rivian Automotive (NASDAQ:RIVN) Trading 5.7% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 5.7% on Thursday . The stock traded as high as $13.31 and last traded at $13.20. 12,312,719 shares were traded during trading, a decline of 62% from the average session volume of 32,252,244 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stifel Nicolaus dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Price Performance

The company has a market capitalization of $13.59 billion, a PE ratio of -2.38 and a beta of 2.04. 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 firm’s 50-day moving average is $13.55 and its 200-day moving average is $12.60.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’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 completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock valued at $4,958,860 in the last ninety days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of the stock. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive during the third quarter worth about $28,000. GHP Investment Advisors Inc. raised its stake in Rivian Automotive by 63.2% during 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 during the period. Finally, American Capital Advisory LLC lifted its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. 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.