Rivian Automotive (NASDAQ:RIVN) Trading Up 2.2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2.2% during mid-day trading on Tuesday . The company traded as high as $14.26 and last traded at $14.34. Approximately 18,638,684 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 32,342,822 shares. The stock had previously closed at $14.03.

Analysts Set New Price Targets

RIVN has been the topic of a number of research reports. Wedbush reissued an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Barclays lifted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price target on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Finally, Guggenheim lowered their price target on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Up 2.9 %

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 company has a fifty day moving average price of $13.59 and a 200-day moving average price of $12.52. The stock has a market capitalization of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.04.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of Rivian Automotive stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 359,932 shares of company stock worth $4,926,664. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive during the third quarter valued at approximately $28,000. Orion Capital Management LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $34,000. Finally, GHP Investment Advisors Inc. boosted its position in shares of 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 valued at $29,000 after buying an additional 1,002 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.