Rivian Automotive (NASDAQ:RIVN) Shares Up 3.2% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 3.2% during mid-day trading on Thursday . The company traded as high as $13.78 and last traded at $13.72. 14,342,929 shares were traded during trading, a decline of 64% from the average session volume of 39,645,727 shares. The stock had previously closed at $13.30.

Analyst Ratings Changes

Several research firms have recently commented on RIVN. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Needham & Company LLC lowered their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Benchmark began coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company dropped their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. One investment analyst has 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 MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Stock Performance

The company has a market cap of $13.52 billion, a price-to-earnings ratio of -2.37 and a beta of 2.12. The firm’s 50 day simple moving average is $12.00 and its 200-day simple moving average is $12.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. The trade was a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. The trade was a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 256,000 shares of company stock worth $3,312,443. 2.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after acquiring an additional 3,285,867 shares during the period. Charles Schwab Investment Management Inc. raised its position in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC raised its holdings in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Rivian Automotive during the 2nd quarter worth approximately $9,388,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.