Rivian Automotive (NASDAQ:RIVN) Trading 1.9% Higher - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares rose 1.9% during mid-day trading on Friday . The stock traded as high as $12.99 and last traded at $12.75. Approximately 6,812,013 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 37,364,949 shares. The stock had previously closed at $12.51.

Analysts Set New Price Targets

A number of equities research analysts have commented on RIVN shares. Truist Financial increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price objective on shares of Rivian Automotive in a research note on Monday, January 6th. Mizuho cut their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating for the company in a report on Monday, November 4th. UBS Group boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Piper Sandler reduced 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 note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $15.13.

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Rivian Automotive Stock Performance

The stock has a market capitalization of $13.10 billion, a P/E ratio of -2.29 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average of $13.48 and a 200 day moving average of $12.74.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. International Assets Investment Management LLC raised its holdings 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 worth $608,000 after buying an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC increased its stake in shares of Rivian Automotive by 30.7% in the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock worth $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. grew its position in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after buying an additional 54,053 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.