Rivian Automotive (NASDAQ:RIVN) Stock Price Up 0.8% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 0.8% on Thursday . The stock traded as high as $12.81 and last traded at $12.52. Approximately 5,853,297 shares changed hands during trading, a decline of 85% from the average daily volume of 38,356,324 shares. The stock had previously closed at $12.42.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RIVN shares. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Benchmark started coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Needham & Company LLC decreased 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 note on Friday, November 8th. Wedbush restated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Truist Financial lifted 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. 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.13.

Rivian Automotive Trading Up 0.4 %

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 $12.82 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05. The company has a fifty day moving average of $13.44 and a two-hundred day moving average of $12.86.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 363,142 shares of company stock worth $4,958,860. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Tandem Financial LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the 3rd quarter worth $28,000. GHP Investment Advisors Inc. raised 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 purchasing an additional 1,002 shares during the period. Finally, American Capital Advisory LLC lifted its stake in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. 66.25% of the stock is currently 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.