Rivian Automotive (NASDAQ:RIVN) Trading 1% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1% during mid-day trading on Friday . The stock traded as high as $12.42 and last traded at $12.34. 11,971,783 shares traded hands during trading, a decline of 70% from the average session volume of 39,889,629 shares. The stock had previously closed at $12.22.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RIVN. Needham & Company LLC lowered their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Barclays lowered their price target on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Piper Sandler cut their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group upped their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $15.73.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $12.48 billion, a price-to-earnings ratio of -2.20 and a beta of 2.04. The stock has a fifty day moving average of $10.66 and a two-hundred day moving average of $12.44.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the 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 completion of the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 253,210 shares of company stock valued at $3,079,695 over the last ninety days. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Quent Capital LLC lifted its holdings in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the 3rd quarter valued at $28,000. GHP Investment Advisors Inc. lifted its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth $37,000. 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.