Rivian Automotive (NASDAQ:RIVN) Shares Up 0.7% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 0.7% on Tuesday . The company traded as high as $14.12 and last traded at $13.59. 8,470,791 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 42,615,133 shares. The stock had previously closed at $13.49.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent research reports. Barclays reduced their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price objective 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. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Needham & Company LLC decreased their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Price Performance

The company has a market cap of $13.55 billion, a PE ratio of -2.37 and a beta of 2.05. The company’s 50-day simple moving average is $12.66 and its 200 day simple moving average is $13.06. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock valued at $4,467,450 over the last quarter. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of the business. Private Advisor Group LLC grew its position in shares of Rivian Automotive by 8.1% in the second quarter. Private Advisor Group LLC now owns 52,147 shares of the electric vehicle automaker’s stock valued at $700,000 after purchasing an additional 3,904 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter worth $258,000. American Century Companies Inc. increased its stake in Rivian Automotive by 4.1% during the second quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after acquiring an additional 6,105 shares during the last quarter. Forsta AP Fonden raised its holdings in shares of Rivian Automotive by 12.7% in the 2nd quarter. Forsta AP Fonden now owns 157,100 shares of the electric vehicle automaker’s stock worth $2,108,000 after purchasing an additional 17,700 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after purchasing an additional 29,218 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.