Rivian Automotive (NASDAQ:RIVN) Trading 5.1% Higher - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shot up 5.1% during trading on Wednesday . The company traded as high as $14.18 and last traded at $14.02. 12,869,345 shares were traded during mid-day trading, a decline of 69% from the average session volume of 41,676,266 shares. The stock had previously closed at $13.34.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research reports. Piper Sandler reduced their target price on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, November 8th. Truist Financial reiterated a "hold" rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Friday, January 3rd. Bank of America cut shares of Rivian Automotive from a "buy" rating to a "neutral" rating and lowered their target price for the company from $20.00 to $13.00 in a research note on Friday, November 8th. Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Monday, November 11th. Finally, Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of "Hold" and a consensus target price of $15.48.

Rivian Automotive Stock Performance

The stock has a market cap of $14.23 billion, a price-to-earnings ratio of -2.49 and a beta of 2.05. 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 firm has a fifty day simple moving average of $12.80 and a 200-day simple moving average of $13.06.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares of the company's stock, valued at approximately $5,278,500. The trade was a 4.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock worth $4,467,450 over the last 90 days. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter worth about $28,000. GHP Investment Advisors Inc. raised its position in shares of Rivian Automotive by 63.2% in the 3rd 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. American Capital Advisory LLC boosted its stake in Rivian Automotive by 267.6% during the 3rd 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. Hantz Financial Services Inc. grew its holdings in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock valued at $34,000 after purchasing an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Rivian Automotive during the third quarter valued at approximately $44,000. Institutional investors own 66.25% of the company's stock.

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.