Rivian Automotive (NASDAQ:RIVN) Stock Price Up 4.3% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 4.3% on Friday . The company traded as high as $17.06 and last traded at $16.8760. 18,533,506 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 38,327,645 shares. The stock had previously closed at $16.18.

Analyst Ratings Changes

A number of analysts have commented on RIVN shares. Stifel Nicolaus boosted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. The Goldman Sachs Group cut their target price on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Mizuho reiterated an “underperform” rating and issued a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Finally, JPMorgan Chase & Co. increased their target price on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Six investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.34.

Rivian Automotive Price Performance

The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $20.69 billion, a PE ratio of -5.43 and a beta of 1.81. The business has a fifty day moving average price of $14.40 and a 200-day moving average price of $13.93.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 104,700 shares of company stock worth $1,621,280 in the last quarter. 2.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RIVN. Assetmark Inc. boosted its stake in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. purchased a new stake in Rivian Automotive during the 3rd quarter valued at $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Rivian Automotive in the 3rd quarter worth $31,000. Finally, Hemington Wealth Management grew its holdings in Rivian Automotive by 291.0% in the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.