Rivian Automotive (NASDAQ:RIVN) Shares Up 1.5% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 1.5% during trading on Thursday . The company traded as high as $13.75 and last traded at $13.26. 9,776,943 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 39,931,309 shares. The stock had previously closed at $13.06.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday. Wedbush reissued an “outperform” rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Truist Financial reduced their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Finally, Mizuho dropped their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $15.74.

Rivian Automotive Trading Up 5.9 %

The company’s fifty day simple moving average is $11.44 and its 200-day simple moving average is $12.76. The firm has a market capitalization of $14.12 billion, a PE ratio of -2.47 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.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,904 shares of company stock worth $3,291,004 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. B. Riley Wealth Advisors Inc. grew its holdings in shares of Rivian Automotive by 72.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock valued at $994,000 after purchasing an additional 37,647 shares during the period. Tidal Investments LLC grew its stake in shares of Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock valued at $3,018,000 after buying an additional 60,205 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth approximately $28,000. World Investment Advisors LLC raised its position in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after buying an additional 1,446 shares during the period. Finally, Sanctuary Advisors LLC lifted its holdings in Rivian Automotive by 9.0% in the third quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock valued at $457,000 after acquiring an additional 3,681 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.