Rivian Automotive (NASDAQ:RIVN) Trading Up 0.8% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 0.8% on Thursday . The stock traded as high as $12.81 and last traded at $12.52. Approximately 5,853,297 shares were traded during trading, a decline of 85% from the average daily volume of 38,356,324 shares. The stock had previously closed at $12.42.

Analyst Ratings Changes

Several equities analysts recently issued reports on RIVN shares. Piper Sandler dropped their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company lowered their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Canaccord Genuity Group cut their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Performance

The company has a market cap of $12.77 billion, a PE ratio of -2.23 and a beta of 2.05. The company’s fifty day moving average price is $13.35 and its 200 day moving average price is $12.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $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. In the last 90 days, insiders sold 363,142 shares of company stock worth $4,958,860. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in shares of Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock valued at $2,309,000 after buying an additional 29,218 shares during the last quarter. MBB Public Markets I LLC bought a new stake in Rivian Automotive in the 2nd quarter valued at about $624,000. The Manufacturers Life Insurance Company lifted its holdings in Rivian Automotive by 90.2% during the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock valued at $970,000 after purchasing an additional 34,303 shares during the last quarter. Quarry LP bought a new position in Rivian Automotive during the second quarter worth about $105,000. Finally, Regal Investment Advisors LLC increased its stake in shares of Rivian Automotive by 7.0% in the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

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.