Rivian Automotive (NASDAQ:RIVN) Shares Up 3.6% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.6% on Tuesday . The company traded as high as $14.25 and last traded at $14.25. 9,006,487 shares were traded during mid-day trading, a decline of 77% from the average session volume of 39,844,801 shares. The stock had previously closed at $13.75.

Analyst Ratings Changes

A number of brokerages recently commented on RIVN. Barclays lowered 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. Guggenheim decreased their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Piper Sandler reduced their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Finally, Mizuho lowered their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Up 2.3 %

The firm has a market capitalization of $14.35 billion, a price-to-earnings ratio of -2.51 and a beta of 2.12. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company’s 50 day moving average price is $11.51 and its 200 day moving average price is $12.79.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. This represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was 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 owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 184,571 shares of company stock worth $2,321,008 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. lifted its holdings in 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 boosted its position in Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of 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 worth $34,000 after purchasing an additional 2,900 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter valued at approximately $37,000. 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.