Rivian Automotive (NASDAQ:RIVN) Trading 2.4% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 2.4% on Monday . The company traded as high as $12.91 and last traded at $12.79. 7,519,202 shares were traded during mid-day trading, a decline of 77% from the average session volume of 33,147,938 shares. The stock had previously closed at $12.48.

Analyst Ratings Changes

A number of research firms recently commented on RIVN. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective on the stock. Barclays lifted their price target on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Truist Financial raised their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $13.54 and a 200 day simple moving average of $12.60. The stock has a market capitalization of $12.74 billion, a price-to-earnings ratio of -2.23 and a beta of 2.04.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was 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 directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% during the 3rd 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 during the last quarter. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after purchasing an additional 227,168 shares in the last quarter. Norges Bank bought a new stake in Rivian Automotive in the fourth quarter worth $123,308,000. Charles Schwab Investment Management Inc. increased its position in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker’s stock worth $63,055,000 after buying an additional 133,781 shares during the last quarter. Finally, abrdn plc raised its holdings in Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 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.