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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $13.25, but opened at $13.91. Rivian Automotive shares last traded at $15.13, with a volume of 17,188,368 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently commented on RIVN shares. 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 note on Wednesday, October 16th. Barclays decreased their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Robert W. Baird restated a “neutral” rating and issued a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day moving average price of $12.06 and a 200 day moving average price of $12.90. The stock has a market capitalization of $15.71 billion, a price-to-earnings ratio of -2.75 and a beta of 2.12.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 256,000 shares of company stock worth $3,312,443. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. increased its stake in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC increased its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Finally, Renaissance Capital LLC boosted its holdings in Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after purchasing an additional 148,197 shares during the last quarter. Institutional investors and hedge funds 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.