Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.5% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.5% on Friday . The stock traded as high as $10.22 and last traded at $10.17. 6,098,315 shares changed hands during trading, a decline of 85% from the average session volume of 39,470,871 shares. The stock had previously closed at $10.02.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Barclays decreased their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Canaccord Genuity Group decreased their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Mizuho dropped their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Performance

The company has a market capitalization of $10.45 billion, a PE ratio of -1.83 and a beta of 2.04. The firm’s 50-day simple moving average is $10.75 and its 200-day simple moving average is $12.40. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 169,876 shares of company stock worth $2,142,188. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quent Capital LLC lifted its stake in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares in the last quarter. 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.