Rivian Automotive (NASDAQ:RIVN) Shares Up 2.8% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 2.8% during trading on Monday . The stock traded as high as $10.44 and last traded at $10.34. Approximately 12,185,603 shares traded hands during trading, a decline of 69% from the average daily volume of 39,552,457 shares. The stock had previously closed at $10.06.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RIVN shares. Wolfe Research began coverage on Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Robert W. Baird reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Piper Sandler decreased their target price on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Finally, Guggenheim cut their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

The firm has a market capitalization of $10.21 billion, a P/E ratio of -1.85 and a beta of 2.04. The business’s 50-day simple moving average is $11.09 and its 200 day simple moving average is $12.43. The company has a quick ratio of 4.01, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. This represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. lifted its position in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock valued at $145,550,000 after acquiring an additional 223,860 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rivian Automotive by 153.2% in the 2nd 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. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares during 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.