Rivian Automotive (NASDAQ:RIVN) Trading Up 7.8% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 7.8% during trading on Friday . The company traded as high as $14.99 and last traded at $14.80. 31,145,561 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 28,380,027 shares. The stock had previously closed at $13.73.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RIVN shares. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Monday, December 8th. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Stifel Nicolaus upped their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $16.74.

Rivian Automotive Stock Up 7.9%

The firm has a market capitalization of $18.16 billion, a P/E ratio of -4.76 and a beta of 1.76. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm’s 50-day moving average is $17.89 and its 200 day moving average is $15.27.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the sale, the chief executive officer directly owned 1,115,209 shares in the company, valued at $17,876,800.27. This trade represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 8,039 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares in the company, valued at approximately $13,140,306. This represents a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 172,504 shares of company stock valued at $3,012,734. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. Axxcess Wealth Management LLC raised its holdings in Rivian Automotive by 100.1% during the fourth quarter. Axxcess Wealth Management LLC now owns 114,192 shares of the electric vehicle automaker’s stock worth $2,251,000 after acquiring an additional 57,130 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Rivian Automotive by 121.8% during the 4th quarter. Global Retirement Partners LLC now owns 22,773 shares of the electric vehicle automaker’s stock worth $449,000 after purchasing an additional 12,504 shares during the last quarter. Leonteq Securities AG bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $260,000. Capstone Capital Management Ltd acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $966,000. Finally, Mission Wealth Management LP grew its stake in shares of Rivian Automotive by 35.1% in the fourth quarter. Mission Wealth Management LP now owns 15,854 shares of the electric vehicle automaker’s stock valued at $312,000 after buying an additional 4,116 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 is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.