Rivian Automotive (NASDAQ:RIVN) Trading 1.9% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 1.9% on Monday . The company traded as high as $10.80 and last traded at $10.79. Approximately 13,296,481 shares traded hands during trading, a decline of 66% from the average daily volume of 38,821,910 shares. The stock had previously closed at $10.59.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $13.00 in a report on Friday, November 8th. Truist Financial cut their target price on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. Barclays lowered their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.68.

Rivian Automotive Trading Up 13.7 %

The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The firm has a 50-day moving average of $11.25 and a 200-day moving average of $12.39. The firm has a market capitalization of $12.13 billion, a P/E ratio of -2.15 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock worth $2,153,551. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. GHP Investment Advisors Inc. grew its position in shares of Rivian Automotive by 63.2% in the 3rd 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 during the period. American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Rivian Automotive in the second quarter worth about $37,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Company Profile

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.