Rivian Automotive (NASDAQ:RIVN) Stock Price Up 7.1% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 7.1% during trading on Tuesday . The company traded as high as $14.72 and last traded at $14.54. 15,933,079 shares traded hands during 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

RIVN has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research report on Tuesday, September 10th. Canaccord Genuity Group reduced their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Truist Financial cut their price target on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, October 16th. Cantor Fitzgerald reissued an “overweight” rating and issued a $19.00 price objective on shares of Rivian Automotive in a research note on Monday, September 30th. Finally, Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. 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 company. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.74.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business’s 50-day simple moving average is $11.88 and its two-hundred day simple moving average is $12.87. The firm has a market cap of $14.03 billion, a price-to-earnings ratio of -2.46 and a beta of 2.12.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Monday, November 18th. The shares were 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 in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 256,000 shares of company stock worth $3,312,443 over the last three months. 2.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised its holdings in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the second quarter valued at about $37,000. 66.25% of the stock is owned by institutional investors.

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.