Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.1% - Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares shot up 7.1% during mid-day trading on Tuesday . The stock traded as high as $14.72 and last traded at $14.54. 15,933,079 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 39,532,418 shares. The stock had previously closed at $13.58.

Analyst Ratings Changes

Several research firms recently commented on RIVN. JPMorgan Chase & Co. cut their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating for the company in a research note on Tuesday, October 22nd. Bank of America lowered Rivian Automotive from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Stifel Nicolaus cut their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Monday, November 11th. Morgan Stanley lowered Rivian Automotive from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Needham & Company LLC cut their price objective on Rivian Automotive from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average price target of $15.74.

Rivian Automotive Trading Down 2.1 %

The firm has a market cap of $13.57 billion, a P/E ratio of -2.38 and a beta of 2.12. The company has a 50 day moving average of $11.88 and a 200 day moving average of $12.87. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company's stock, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company's stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock valued at $3,312,443 over the last ninety days. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the third quarter worth about $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC grew its stake in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after acquiring an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Rivian Automotive in the 2nd quarter valued at $37,000. Institutional investors and hedge funds 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.