Rivian Automotive (NASDAQ:RIVN) Shares Up 0.7% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 0.7% during trading on Friday . The stock traded as high as $10.54 and last traded at $10.12. Approximately 21,203,246 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 38,766,629 shares. The stock had previously closed at $10.05.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RIVN shares. Royal Bank of Canada cut their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday. Barclays lowered their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a report on Monday, September 30th. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. cut their target price 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. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.77.

Rivian Automotive Price Performance

The firm has a market capitalization of $10.68 billion, a PE ratio of -1.78 and a beta of 2.04. The business’s 50 day moving average is $11.36 and its two-hundred day moving average is $12.34. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of 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 worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. abrdn plc raised its stake in Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Rivian Automotive by 53.8% in the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after purchasing an additional 1,039,758 shares in the last quarter. 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.