Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.9% - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 1.9% during trading on Monday . The stock traded as high as $10.80 and last traded at $10.79. Approximately 13,296,481 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 38,821,910 shares. The stock had previously closed at $10.59.

Analysts Set New Price Targets

Several equities research analysts have commented on RIVN shares. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 8th. Robert W. Baird cut their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Friday. Piper Sandler lowered their target price on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Friday. Finally, UBS Group cut their price target on Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $15.68.

Rivian Automotive Trading Up 4.5 %

The business has a 50 day simple moving average of $11.36 and a two-hundred day simple moving average of $12.36. The company has a market cap of $11.16 billion, a PE ratio of -2.00 and a beta of 2.04. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 169,876 shares of company stock worth $2,153,551 in the last three months. 2.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. John G Ullman & Associates Inc. grew its holdings in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock valued at $135,000 after buying an additional 1,000 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in Rivian Automotive during the third quarter valued at approximately $136,000. Moors & Cabot Inc. lifted its position in shares of Rivian Automotive by 34.8% during the 3rd quarter. Moors & Cabot Inc. now owns 24,195 shares of the electric vehicle automaker's stock worth $271,000 after purchasing an additional 6,250 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Rivian Automotive by 51.9% in the third quarter. First Horizon Advisors Inc. now owns 4,331 shares of the electric vehicle automaker's stock valued at $49,000 after acquiring an additional 1,479 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in Rivian Automotive by 19.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker's stock valued at $462,000 after purchasing an additional 6,620 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.

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