Rivian Automotive (NASDAQ:RIVN) Trading 13.2% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 13.2% on Monday . The company traded as high as $11.72 and last traded at $11.59. Approximately 30,512,645 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 39,538,938 shares. The stock had previously closed at $10.24.

Analyst Ratings Changes

A number of analysts have recently issued reports on RIVN shares. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Stifel Nicolaus dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Needham & Company LLC decreased their price objective 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. Robert W. Baird dropped their target price on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Finally, Barclays reduced their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Stock Performance

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 stock has a 50 day moving average of $10.69 and a 200 day moving average of $12.45. The stock has a market capitalization of $12.47 billion, a P/E ratio of -2.12 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,210 shares of company stock worth $3,079,695. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently bought and sold shares of the stock. Tidal Investments LLC lifted its stake in shares of Rivian Automotive by 28.8% in the 3rd quarter. Tidal Investments LLC now owns 268,952 shares of the electric vehicle automaker’s stock worth $3,018,000 after acquiring an additional 60,205 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter worth approximately $28,000. World Investment Advisors LLC increased its position in shares of Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after purchasing an additional 1,446 shares during the period. Sanctuary Advisors LLC raised its stake in shares of Rivian Automotive by 9.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 44,675 shares of the electric vehicle automaker’s stock worth $457,000 after buying an additional 3,681 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Rivian Automotive in the third quarter valued at $4,184,000. Institutional investors and hedge funds 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.