Rivian Automotive (NASDAQ:RIVN) Trading Up 0.7% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 0.7% during trading on Tuesday . The stock traded as high as $14.12 and last traded at $13.59. Approximately 8,470,791 shares changed hands during trading, a decline of 80% from the average daily volume of 42,615,133 shares. The stock had previously closed at $13.49.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RIVN. Piper Sandler dropped their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Mizuho cut their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. UBS Group increased their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays dropped their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

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 firm has a market capitalization of $14.74 billion, a PE ratio of -2.58 and a beta of 2.05. The company’s fifty day simple moving average is $12.80 and its 200 day simple moving average is $13.06.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares in the company, valued at $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock valued at $4,467,450 over the last quarter. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 79.2% during the third 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 buying an additional 2,035,831 shares during the period. AQR Capital Management LLC boosted its stake in Rivian Automotive by 102.8% during 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 buying an additional 1,257,106 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Rivian Automotive during the second quarter worth about $9,388,000. Finally, abrdn plc increased its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares during the last quarter. 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.