Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.6% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 0.6% during mid-day trading on Thursday . The company traded as high as $14.35 and last traded at $14.14. 6,715,004 shares changed hands during trading, a decline of 83% from the average session volume of 39,746,336 shares. The stock had previously closed at $14.06.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RIVN shares. Royal Bank of Canada cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, Guggenheim decreased their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Price Performance

The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of -2.49 and a beta of 2.12. The company has a 50-day simple moving average of $11.59 and a two-hundred day simple moving average of $12.81. 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 Activity

In other 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 value of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,571 shares of company stock valued at $2,321,008. 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 RIVN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the third quarter valued at $28,000. GHP Investment Advisors Inc. boosted its position in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC boosted 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 worth $33,000 after acquiring an additional 2,111 shares during the period. Hantz Financial Services Inc. grew its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at about $37,000. 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.