Rivian Automotive (NASDAQ:RIVN) Trading Up 2.3% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.3% during trading on Wednesday . The company traded as high as $14.37 and last traded at $14.06. 15,903,836 shares were traded during trading, a decline of 60% from the average session volume of 39,882,773 shares. The stock had previously closed at $13.75.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Wells Fargo & Company dropped their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Wolfe Research started coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Robert W. Baird restated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group increased their price objective on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

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 has a market cap of $14.33 billion, a P/E ratio of -2.51 and a beta of 2.12. The firm’s 50-day moving average is $11.66 and its two-hundred day moving average is $12.82.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 256,000 shares of company stock worth $3,312,443. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. increased its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. International Assets Investment Management LLC acquired a new position in Rivian Automotive during the 2nd quarter valued at $37,000. American Capital Advisory LLC boosted its holdings in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. grew its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. 66.25% of the stock is currently 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.