Rivian Automotive (NASDAQ:RIVN) Trading Up 1.2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.2% on Thursday . The company traded as high as $13.22 and last traded at $12.92. Approximately 7,237,147 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 34,290,242 shares. The stock had previously closed at $12.77.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Guggenheim decreased their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Stifel Nicolaus dropped their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. cut their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Trading Up 0.0 %

The firm’s 50-day moving average price is $13.49 and its 200 day moving average price is $12.74. The company has a market cap of $13.04 billion, a price-to-earnings ratio of -2.28 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 363,142 shares of company stock valued at $4,958,860. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Baillie Gifford & Co. grew its position in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% in 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 acquiring an additional 2,035,831 shares during the last quarter. abrdn plc grew its position 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 acquiring an additional 518,561 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $6,648,000. Finally, Virtu Financial LLC bought a new stake in shares of Rivian Automotive in the 3rd quarter worth approximately $4,184,000. 66.25% of the stock is owned by institutional investors.

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.