Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 3% during mid-day trading on Thursday . The stock traded as high as $18.17 and last traded at $18.06. 38,120,043 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 38,304,023 shares. The stock had previously closed at $17.53.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Morgan Stanley decreased their price target on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Wedbush dropped their price objective on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. The Goldman Sachs Group cut their price objective on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Finally, Cfra Research raised Rivian Automotive to a “moderate sell” rating in a report on Thursday, October 2nd. Six analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.34.

Rivian Automotive Stock Up 3.0%

The firm has a 50-day moving average of $14.56 and a two-hundred day moving average of $13.98. The stock has a market capitalization of $22.14 billion, a price-to-earnings ratio of -5.81 and a beta of 1.79. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 133,949 shares of company stock worth $2,129,521 over the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC increased its stake in shares of Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Rivian Automotive by 4.3% in the first quarter. Avantax Advisory Services Inc. now owns 24,204 shares of the electric vehicle automaker’s stock worth $301,000 after buying an additional 999 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Rivian Automotive by 0.6% during the 1st quarter. LPL Financial LLC now owns 612,403 shares of the electric vehicle automaker’s stock worth $7,624,000 after acquiring an additional 3,719 shares in the last quarter. Arkadios Wealth Advisors increased its holdings in shares of Rivian Automotive by 15.5% during the 1st quarter. Arkadios Wealth Advisors now owns 12,294 shares of the electric vehicle automaker’s stock valued at $153,000 after acquiring an additional 1,648 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Rivian Automotive by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 50,873 shares of the electric vehicle automaker’s stock valued at $633,000 after acquiring an additional 5,074 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.