Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.2% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 1.2% during trading on Tuesday . The company traded as high as $12.27 and last traded at $11.74. 40,083,778 shares changed hands during trading, an increase of 1% from the average session volume of 39,787,730 shares. The stock had previously closed at $11.60.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent analyst reports. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $13.00 in a report on Friday, November 8th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Guggenheim reduced their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, UBS Group dropped their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.73.

Rivian Automotive Price Performance

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 firm has a market capitalization of $11.97 billion, a PE ratio of -2.10 and a beta of 2.04. The stock has a fifty day moving average price of $10.72 and a 200-day moving average price of $12.44.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 8.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock worth $2,142,188 in the last 90 days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its holdings in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after acquiring an additional 120,544 shares during the period. Renaissance Capital LLC grew its stake in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after purchasing an additional 148,197 shares during the period. Finally, Private Advisory Group LLC purchased a new position in Rivian Automotive in the third quarter valued at about $2,109,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.