Rivian Automotive (NASDAQ:RIVN) Shares Gap Up – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.58, but opened at $11.75. Rivian Automotive shares last traded at $12.84, with a volume of 16,441,740 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RIVN. Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Canaccord Genuity Group lowered their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Mizuho lowered their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.73.

Rivian Automotive Price Performance

The company has a market cap of $10.40 billion, a price-to-earnings ratio of -1.84 and a beta of 2.04. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company’s fifty day moving average price is $11.15 and its two-hundred day moving average price is $12.38.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 79.2% in the third 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 in the last quarter. Spirepoint Private Client LLC bought a new stake in shares of Rivian Automotive in the first quarter worth $15,635,000. Finally, AQR Capital Management LLC lifted its position in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.