Rivian Automotive (NASDAQ:RIVN) Stock Price Up 5.7% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 5.7% during trading on Thursday . The company traded as high as $13.31 and last traded at $13.20. Approximately 12,312,719 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 32,252,244 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price target for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Benchmark began coverage on shares of Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 target price on the stock. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Royal Bank of Canada dropped their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, The Goldman Sachs Group increased their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.13.

Rivian Automotive Trading Up 5.5 %

The company has a market cap of $14.32 billion, a P/E ratio of -2.51 and a beta of 2.04. 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 stock’s 50 day moving average is $13.59 and its 200-day moving average is $12.58.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive 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. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated 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 directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,142 shares of company stock valued at $4,958,860. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after buying an additional 227,168 shares during the last quarter. Capital International Investors bought a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $144,030,000. Norges Bank purchased a new position in shares of Rivian Automotive during the 4th quarter worth about $123,308,000. Finally, Northern Trust Corp grew its position in 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 acquiring an additional 2,941,928 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.