Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.9% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 0.9% during mid-day trading on Tuesday . The company traded as high as $10.23 and last traded at $10.16. Approximately 8,241,172 shares traded hands during trading, a decline of 79% from the average daily volume of 39,589,055 shares. The stock had previously closed at $10.07.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RIVN shares. JPMorgan Chase & Co. dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research report on Tuesday, October 22nd. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Barclays lowered their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Performance

The company has a 50 day simple moving average of $11.09 and a 200-day simple moving average of $12.43. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market cap of $10.44 billion, a P/E ratio of -1.81 and a beta of 2.04.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Vanguard Group Inc. lifted its position in Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Renaissance Technologies LLC increased its position in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in 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 purchasing an additional 2,035,831 shares in the last quarter. 66.25% of the stock is 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.