Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.3% - Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price shot up 3.3% during mid-day trading on Thursday . The stock traded as high as $14.27 and last traded at $14.22. 11,150,549 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 39,891,426 shares. The stock had previously closed at $13.76.

Analysts Set New Price Targets

RIVN has been the subject of several research reports. Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Monday, November 11th. Bank of America lowered 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 report on Friday, November 8th. Mizuho cut their price target on Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Monday, November 4th. Canaccord Genuity Group decreased their price objective on Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, October 7th. Finally, Wolfe Research began coverage on Rivian Automotive in a research note on Thursday, September 5th. They issued a "peer perform" rating on the stock. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $15.83.

Rivian Automotive Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a fifty day simple moving average of $11.00 and a 200 day simple moving average of $12.62. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of -2.54 and a beta of 2.12.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the business's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,974 shares of company stock valued at $2,038,483. Corporate insiders own 2.51% of the company's stock.

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 business. Comerica Bank raised its stake in shares of Rivian Automotive by 60.8% in the 1st quarter. Comerica Bank now owns 22,886 shares of the electric vehicle automaker's stock valued at $251,000 after acquiring an additional 8,653 shares during the period. Wedmont Private Capital purchased a new position in shares of Rivian Automotive during the second quarter worth $199,000. ORG Partners LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at $197,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Rivian Automotive in the 2nd quarter valued at $205,000. Finally, Clear Harbor Asset Management LLC acquired a new position in Rivian Automotive during the 2nd quarter worth about $738,000. Hedge funds and other 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.