Rivian Automotive (NASDAQ:RIVN) Shares Up 1.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.2% during trading on Tuesday . The stock traded as high as $12.27 and last traded at $11.74. Approximately 40,083,778 shares changed hands during trading, an increase of 1% from the average daily volume of 39,787,730 shares. The stock had previously closed at $11.60.

Analysts Set New Price Targets

Several research analysts recently weighed in on RIVN shares. Wolfe Research started coverage on Rivian Automotive in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Mizuho dropped their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Canaccord Genuity Group decreased their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. One investment 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’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $15.73.

Rivian Automotive Stock Up 5.8 %

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 market cap of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. The business’s 50 day moving average price is $10.67 and its 200 day moving average price is $12.45.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 253,210 shares of company stock worth $3,079,695. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its position in shares of Rivian Automotive by 59.1% in the first quarter. Tidal Investments LLC now owns 247,118 shares of the electric vehicle automaker’s stock valued at $2,706,000 after buying an additional 91,810 shares during the last quarter. Comerica Bank raised its holdings in Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker’s stock valued at $251,000 after acquiring an additional 8,653 shares during the last quarter. Advisory Resource Group purchased a new position in Rivian Automotive in the 1st quarter worth approximately $156,000. EMC Capital Management boosted its holdings in shares of Rivian Automotive by 68.0% during the 1st quarter. EMC Capital Management now owns 12,600 shares of the electric vehicle automaker’s stock worth $134,000 after purchasing an additional 5,100 shares during the last quarter. Finally, Swedbank AB acquired a new stake in shares of Rivian Automotive in the first quarter valued at approximately $6,887,000. 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.