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

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

Analyst Ratings Changes

Several brokerages have commented on RIVN. Piper Sandler cut their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Guggenheim cut their price objective 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. Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Finally, Royal Bank of Canada decreased their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Up 6.7 %

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 capitalization of $13.59 billion, a price-to-earnings ratio of -2.38 and a beta of 2.04. The business’s 50-day moving average is $13.55 and its 200-day moving average is $12.60.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at $11,879,847.36. The trade was a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 363,142 shares of company stock worth $4,958,860 over the last quarter. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the company. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive during the fourth quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter valued at about $28,000. GHP Investment Advisors Inc. lifted its stake in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. Finally, Bear Mountain Capital Inc. grew its stake in Rivian Automotive by 208.0% during the 4th quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other 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.