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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) gapped up prior to trading 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 traded.

Analyst Ratings Changes

RIVN has been the topic of several research analyst reports. Mizuho lowered their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research note on Monday, November 4th. Wolfe Research began coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They issued a "peer perform" rating on the stock. Robert W. Baird cut their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Friday, November 8th. Morgan Stanley downgraded Rivian Automotive from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $15.68.

Rivian Automotive Stock Up 13.7 %

The business's 50 day moving average price is $11.22 and its 200-day moving average price is $12.39. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.01. The company has a market cap of $12.13 billion, a P/E ratio of -2.15 and a beta of 2.04.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock worth $2,153,551 in the last 90 days. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. International Assets Investment Management LLC increased its stake in Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after purchasing an additional 51,464 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after buying an additional 120,544 shares during the period. Renaissance Capital LLC increased its position in shares of Rivian Automotive by 20.0% in the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after buying an additional 148,197 shares in the last quarter. Private Advisory Group LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth $2,109,000. Finally, Royal London Asset Management Ltd. lifted its holdings in Rivian Automotive by 19.6% during the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker's stock worth $4,027,000 after acquiring an additional 49,216 shares in the last quarter. 66.25% of the stock is 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.