Rivian Automotive (NASDAQ:RIVN) Stock Price Up 5.8% – Should You Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 5.8% on Thursday . The stock traded as high as $12.45 and last traded at $12.22. 48,609,797 shares traded hands during trading, an increase of 21% from the average session volume of 40,022,539 shares. The stock had previously closed at $11.55.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RIVN shares. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Guggenheim cut their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Royal Bank of Canada dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Truist Financial reduced their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research note on Wednesday, October 16th. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Stock Up 5.8 %

The firm has a market capitalization of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. 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 business has a 50 day moving average of $10.67 and a 200 day moving average of $12.45.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction 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 directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. This trade represents a 8.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,210 shares of company stock worth $3,079,695 over the last three months. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. lifted its position 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 lifted its holdings 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 worth $72,877,000 after buying an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 102.8% in the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Rivian Automotive by 53.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock worth $39,889,000 after buying an additional 1,039,758 shares during the period. 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.