Rivian Automotive (NASDAQ:RIVN) Stock Price Up 5.8% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 5.8% on Monday . The stock traded as high as $15.38 and last traded at $15.20. 21,620,375 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 39,872,055 shares. The stock had previously closed at $14.37.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RIVN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Barclays cut their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Truist Financial dropped their price target on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.83.

Rivian Automotive Stock Up 6.8 %

The company has a market cap of $15.66 billion, a price-to-earnings ratio of -2.71 and a beta of 2.12. 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 business has a 50-day simple moving average of $11.08 and a 200-day simple moving average of $12.68.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 177,974 shares of company stock worth $2,038,483 over the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its holdings in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after buying an additional 670 shares during the last quarter. Certuity LLC raised its holdings in shares of Rivian Automotive by 8.1% in the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after buying an additional 815 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after buying an additional 907 shares during the period. Finally, John G Ullman & Associates Inc. increased its position in Rivian Automotive by 9.1% in the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.