Rivian Automotive (NASDAQ:RIVN) Shares Up 0.4% - Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 0.4% on Wednesday . The company traded as high as $10.47 and last traded at $10.21. 9,791,294 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 39,566,867 shares. The stock had previously closed at $10.17.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Robert W. Baird reduced their price target on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Friday, November 8th. Wells Fargo & Company lowered their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 15th. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, November 8th. Piper Sandler lowered their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, November 8th. Finally, Wedbush reiterated an "outperform" rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. 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 company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $15.73.

Rivian Automotive Price Performance

The company has a 50-day moving average of $10.97 and a two-hundred day moving average of $12.43. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a market capitalization of $10.28 billion, a PE ratio of -1.82 and a beta of 2.04.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company's stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 169,876 shares of company stock valued at $2,142,188. Insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Assenagon Asset Management S.A. increased its stake in shares of Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock worth $492,000 after buying an additional 604 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after purchasing an additional 670 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock valued at $47,000 after purchasing an additional 760 shares in the last quarter. Certuity LLC lifted its position in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker's stock worth $145,000 after purchasing an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC grew its stake in Rivian Automotive by 8.9% in the second quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker's stock worth $136,000 after purchasing an additional 823 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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