Rivian Automotive (NASDAQ:RIVN) Trading 3% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 3% during mid-day trading on Thursday . The company traded as high as $18.17 and last traded at $18.06. 38,120,043 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 38,304,023 shares. The stock had previously closed at $17.53.

Analyst Ratings Changes

Several research analysts recently commented on RIVN shares. Cfra Research raised Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Stifel Nicolaus boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Morgan Stanley cut their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Canaccord Genuity Group restated a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a report on Friday, October 3rd. Finally, The Goldman Sachs Group dropped their price target on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Six equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Down 0.6%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a fifty day simple moving average of $14.65 and a 200-day simple moving average of $14.02. The firm has a market cap of $22.01 billion, a price-to-earnings ratio of -5.77 and a beta of 1.79.

Insider Activity

In other news, CFO Claire Mcdonough sold 8,039 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the sale, the chief financial officer owned 730,017 shares in the company, valued at $13,140,306. The trade was a 1.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total value of $263,669.50. Following the completion of the transaction, the chief executive officer directly owned 1,185,009 shares in the company, valued at $17,905,485.99. The trade was a 1.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 133,949 shares of company stock valued at $2,129,521 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Allworth Financial LP increased its position in Rivian Automotive by 179.5% during the 3rd quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock worth $444,000 after buying an additional 19,434 shares during the period. Swiss Life Asset Management Ltd boosted its position in shares of Rivian Automotive by 27.1% in the third quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock valued at $1,982,000 after acquiring an additional 28,759 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Rivian Automotive by 47.7% in the third quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock valued at $323,000 after acquiring an additional 7,115 shares during the period. Centaurus Financial Inc. acquired a new position in shares of Rivian Automotive in the third quarter valued at about $110,000. Finally, Coldstream Capital Management Inc. increased its position in Rivian Automotive by 128.9% during the third quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after acquiring an additional 69,754 shares during the period. 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.