Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.5% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 1.5% during mid-day trading on Thursday . The stock traded as high as $13.75 and last traded at $13.26. 9,776,943 shares traded hands during trading, a decline of 76% from the average session volume of 39,931,309 shares. The stock had previously closed at $13.06.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RIVN shares. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. 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, November 8th. Finally, Mizuho cut their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Trading Up 0.5 %

The business’s 50-day simple moving average is $11.32 and its two-hundred day simple moving average is $12.74. The stock has a market capitalization of $13.39 billion, a price-to-earnings ratio of -2.34 and a beta of 2.12. 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 Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on 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 in the company, 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 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 267,904 shares of company stock valued at $3,291,004. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RIVN. B. Riley Wealth Advisors Inc. grew its position in Rivian Automotive by 72.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 89,764 shares of the electric vehicle automaker’s stock worth $994,000 after purchasing an additional 37,647 shares during the last quarter. Tidal Investments LLC grew its position in Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock valued at $3,018,000 after buying an additional 60,205 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive during the 3rd quarter valued at about $28,000. World Investment Advisors LLC raised its position in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock worth $204,000 after buying an additional 1,446 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in shares of Rivian Automotive by 9.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after acquiring an additional 3,681 shares during the period. 66.25% of the stock is currently owned by institutional investors.

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.