Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.3% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 0.3% during trading on Wednesday . The company traded as high as $12.67 and last traded at $12.48. Approximately 7,755,371 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 32,485,953 shares. The stock had previously closed at $12.44.

Analyst Ratings Changes

Several brokerages recently weighed in on RIVN. Truist Financial lifted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Piper Sandler cut their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. UBS Group increased their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Benchmark began coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Stock 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 firm has a fifty day moving average price of $13.54 and a 200 day moving average price of $12.60. The firm has a market cap of $12.80 billion, a PE ratio of -2.24 and a beta of 2.04.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the stock. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter worth about $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the third quarter worth about $28,000. GHP Investment Advisors Inc. boosted its holdings 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 in the last quarter. Finally, Bear Mountain Capital Inc. lifted its holdings in Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock valued at $36,000 after acquiring an additional 1,932 shares during the period. 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.