Rivian Automotive (NASDAQ:RIVN) Shares Up 5.5% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 5.5% during mid-day trading on Monday . The company traded as high as $14.19 and last traded at $14.03. Approximately 33,856,768 shares changed hands during trading, an increase of 22% from the average daily volume of 27,819,302 shares. The stock had previously closed at $13.30.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Truist Financial lifted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Finally, Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Two 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. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Stock Performance

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 stock has a market capitalization of $14.32 billion, a price-to-earnings ratio of -2.51 and a beta of 2.04. The stock’s 50-day simple moving average is $13.59 and its 200 day simple moving average is $12.53.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,932 shares of company stock valued at $4,926,664 in the last three months. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC increased its position in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after purchasing an additional 227,168 shares during the period. Capital International Investors bought a new stake in Rivian Automotive during the 4th quarter worth about $144,030,000. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter valued at about $123,308,000. Finally, Northern Trust Corp boosted its stake in shares of Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. 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.