Rivian Automotive (NASDAQ:RIVN) Trading Up 3.3% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 3.3% during trading on Thursday . The stock traded as high as $14.27 and last traded at $14.22. Approximately 11,150,549 shares traded hands during trading, a decline of 72% from the average daily volume of 39,891,426 shares. The stock had previously closed at $13.76.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RIVN shares. Barclays lowered their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Mizuho lowered their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group lowered their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, October 7th. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.83.

Rivian Automotive Stock Up 1.2 %

The firm’s 50-day simple moving average is $11.08 and its 200 day simple moving average is $12.65. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market capitalization of $14.67 billion, a P/E ratio of -2.57 and a beta of 2.12.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 8,097 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 177,974 shares of company stock worth $2,038,483. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its holdings 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 during the last quarter. International Assets Investment Management LLC bought a new position in Rivian Automotive during the second quarter worth $37,000. First Horizon Advisors Inc. increased its holdings in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the last quarter. Finally, American Capital Advisory LLC increased its holdings in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.