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

Rivian Automotive, Inc. (NASDAQ:RIVN)’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.

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

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.