Rivian Automotive (NASDAQ:RIVN) Shares Gap Up – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $10.58, but opened at $11.75. Rivian Automotive shares last traded at $12.84, with a volume of 16,441,740 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RIVN. Canaccord Genuity Group decreased their price objective 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. Wells Fargo & Company decreased their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. The Goldman Sachs Group decreased their price objective on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Mizuho decreased their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Barclays cut their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.68.

Rivian Automotive Stock Performance

The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a fifty day simple moving average of $11.25 and a two-hundred day simple moving average of $12.39.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. 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. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. 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 at this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,876 shares of company stock worth $2,153,551. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently bought and sold shares of the stock. Brooklyn Investment Group acquired a new position in Rivian Automotive during the third quarter worth $64,000. The Manufacturers Life Insurance Company grew its holdings in shares of Rivian Automotive by 6.0% in the third quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock valued at $860,000 after purchasing an additional 4,338 shares in the last quarter. Qsemble Capital Management LP purchased a new position in Rivian Automotive in the third quarter worth approximately $314,000. Daiwa Securities Group Inc. lifted its position in shares of Rivian Automotive by 37.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 83,716 shares of the electric vehicle automaker’s stock worth $939,000 after buying an additional 22,989 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Rivian Automotive by 38.0% in the 3rd quarter. Cerity Partners LLC now owns 61,927 shares of the electric vehicle automaker’s stock valued at $695,000 after buying an additional 17,039 shares during the period. Hedge funds and other 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.