Rivian Automotive (NASDAQ:RIVN) Trading Up 5.8% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVNGet Free Report)’s stock price shot up 5.8% during trading on Thursday . The company traded as high as $12.45 and last traded at $12.22. 48,609,797 shares were traded during mid-day trading, an increase of 21% from the average session volume of 40,022,539 shares. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RIVN shares. Wells Fargo & Company lowered their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Guggenheim lowered their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Robert W. Baird dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.73.

View Our Latest Stock Report on RIVN

Rivian Automotive Price Performance

The firm has a 50-day moving average of $10.66 and a 200 day moving average of $12.44. The company has a market capitalization of $12.48 billion, a PE ratio of -2.18 and a beta of 2.04. 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 Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 261,307 shares of company stock worth $3,178,479 over the last three months. 2.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Assenagon Asset Management S.A. increased its stake in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after acquiring an additional 670 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares in the last quarter. Certuity LLC raised its position in shares of Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC raised its holdings in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after buying an additional 823 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

(Get Free Report)

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.

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