Rivian Automotive (NASDAQ:RIVN) Trading 4% Higher – Time to Buy?
by Kim Johansen · The Markets DailyRivian Automotive, Inc. (NASDAQ:RIVN – Get Free Report)’s share price shot up 4% on Wednesday . The stock traded as high as $16.48 and last traded at $16.18. 35,359,229 shares changed hands during trading, a decline of 8% from the average session volume of 38,414,340 shares. The stock had previously closed at $15.56.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on RIVN shares. JPMorgan Chase & Co. upped their price target on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Six analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.34.
View Our Latest Report on Rivian Automotive
Rivian Automotive Price Performance
The stock has a 50-day simple moving average of $14.40 and a 200 day simple moving average of $13.93. The company has a market cap of $20.69 billion, a PE ratio of -5.43 and a beta of 1.81. 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 stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the transaction, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 104,700 shares of company stock valued at $1,621,280 over the last 90 days. Corporate insiders own 2.16% of the company’s stock.
Hedge Funds Weigh In On Rivian Automotive
A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Rivian Automotive in the 2nd quarter valued at approximately $105,629,000. Vanguard Group Inc. boosted its position in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares during the period. Nuveen LLC purchased a new position in shares of Rivian Automotive during the first quarter worth $33,582,000. Capital International Investors grew its stake in shares of Rivian Automotive by 13.4% in the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after buying an additional 2,161,394 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the period. Hedge funds and other 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.
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