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

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

Analyst Ratings Changes

Several research firms have issued reports on RIVN. Royal Bank of Canada dropped their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Canaccord Genuity Group dropped their target price 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. Wolfe Research initiated coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Barclays dropped their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Finally, Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $15.74.

Rivian Automotive Stock Performance

The stock’s 50-day moving average is $11.66 and its 200 day moving average is $12.82. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The firm has a market cap of $14.33 billion, a P/E ratio of -2.51 and a beta of 2.12.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock worth $3,312,443 over the last ninety days. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the company. Certuity LLC boosted its position in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after acquiring an additional 815 shares during the last quarter. John G Ullman & Associates Inc. lifted its position in shares of Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. boosted its holdings 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 purchasing an additional 1,002 shares during the last quarter. Intech Investment Management LLC grew its position in Rivian Automotive by 1.4% in the second quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Tradition Wealth Management LLC increased its stake in Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after buying an additional 1,250 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.