Rivian Automotive (NASDAQ:RIVN) Shares Up 0.8% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 0.8% during trading on Thursday . The company traded as high as $12.81 and last traded at $12.52. Approximately 5,853,297 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 38,356,324 shares. The stock had previously closed at $12.42.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Royal Bank of Canada reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research report on Monday, January 6th. Mizuho reduced their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Finally, UBS Group raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Two research analysts have 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 company has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Trading Up 0.7 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a 50-day moving average of $13.35 and a 200-day moving average of $12.90. The firm has a market capitalization of $12.77 billion, a P/E ratio of -2.23 and a beta of 2.05.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. grew its holdings in shares of Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the period. Geode Capital Management LLC raised its holdings in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Rivian Automotive by 79.2% during the third 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 buying an additional 2,035,831 shares during the period. abrdn plc boosted its holdings in shares of Rivian Automotive by 17.8% during the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. Finally, Swiss National Bank grew its position in shares of Rivian Automotive by 2.1% in the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock worth $24,665,000 after buying an additional 45,200 shares during the period. 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.