Rivian Automotive (NASDAQ:RIVN) Stock Price Up 6.1% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 6.1% during mid-day trading on Friday . The company traded as high as $13.95 and last traded at $13.86. 12,840,976 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 39,923,977 shares. The stock had previously closed at $13.06.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday, September 30th. Benchmark initiated coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They issued a “buy” rating and a $18.00 price target on the stock. Robert W. Baird reissued a “neutral” rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a report on Wednesday. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.74.

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 firm has a market capitalization of $14.26 billion, a PE ratio of -2.49 and a beta of 2.12. The firm’s 50-day moving average price is $11.37 and its two-hundred day moving average price is $12.74.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was 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 approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,904 shares of company stock worth $3,291,004. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive in the third quarter worth $28,000. GHP Investment Advisors Inc. grew its position 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. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth about $37,000. First Horizon Advisors Inc. raised its position in Rivian Automotive by 30.7% in the 2nd 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 raised its stake 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 worth $33,000 after acquiring an additional 2,111 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.