Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 4.3% during trading on Friday . The stock traded as high as $17.06 and last traded at $16.8760. Approximately 18,533,506 shares were traded during trading, a decline of 52% from the average daily volume of 38,327,645 shares. The stock had previously closed at $16.18.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RIVN shares. Mizuho reiterated an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. UBS Group boosted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Finally, Tigress Financial raised their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Six equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $14.34.

Rivian Automotive Stock Performance

The company has a market capitalization of $20.69 billion, a price-to-earnings ratio of -5.43 and a beta of 1.81. The stock’s 50-day moving average price is $14.45 and its 200-day moving average price is $13.94. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 104,700 shares of company stock worth $1,621,280 over the last ninety days. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Assetmark Inc. lifted its position in Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,357 shares during the period. Banque Transatlantique SA increased its stake in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Mather Group LLC. acquired a new stake in shares of Rivian Automotive in the third quarter worth approximately $30,000. Finally, Fairman Group LLC purchased a new stake in Rivian Automotive in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.