Rivian Automotive (NASDAQ:RIVN) Shares Up 5.1% – Time to Buy?

by · The Markets Daily

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s share price shot up 5.1% during trading on Wednesday . The company traded as high as $14.18 and last traded at $14.02. 12,869,345 shares were traded during mid-day trading, a decline of 69% from the average session volume of 41,676,266 shares. The stock had previously closed at $13.34.

Analyst Ratings Changes

A number of analysts have weighed in on RIVN shares. Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Mizuho cut their target price on 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, Robert W. Baird reaffirmed a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.48.

Get Our Latest Report on Rivian Automotive

Rivian Automotive Price Performance

The stock has a market capitalization of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s 50-day moving average is $12.89 and its 200 day moving average is $13.07.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s 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 directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 in the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after buying an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC raised its holdings in Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after acquiring an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. lifted its position in Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after purchasing an additional 120,544 shares during the period. Finally, Renaissance Capital LLC boosted its holdings in Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after purchasing an additional 148,197 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

(Get Free Report)

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.

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