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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 1.9% during trading on Monday . The company traded as high as $10.80 and last traded at $10.79. Approximately 13,296,481 shares were traded during trading, a decline of 66% from the average daily volume of 38,821,910 shares. The stock had previously closed at $10.59.

Wall Street Analyst Weigh In

Several research firms recently commented on RIVN. The Goldman Sachs Group cut their target price on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. JPMorgan Chase & Co. reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. UBS Group dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Truist Financial dropped their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $15.68.

Rivian Automotive Stock Performance

The stock has a market cap of $11.16 billion, a P/E ratio of -2.00 and a beta of 2.04. The company has a fifty day moving average price of $11.36 and a 200 day moving average price of $12.36. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value 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 approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 in the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norden Group LLC bought a new stake in Rivian Automotive during the first quarter worth about $132,000. Private Advisor Group LLC raised its stake in Rivian Automotive by 3.1% in the first quarter. Private Advisor Group LLC now owns 48,243 shares of the electric vehicle automaker’s stock worth $528,000 after buying an additional 1,432 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Rivian Automotive by 19.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 171,243 shares of the electric vehicle automaker’s stock valued at $1,875,000 after acquiring an additional 27,784 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Rivian Automotive during the 1st quarter worth approximately $111,000. Finally, Forsta AP Fonden raised its position in shares of Rivian Automotive by 14.2% in the 1st quarter. Forsta AP Fonden now owns 139,400 shares of the electric vehicle automaker’s stock worth $1,526,000 after acquiring an additional 17,300 shares in 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.