Rivian Automotive (NASDAQ:RIVN) Hits New 1-Year High – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price reached a new 52-week high on Thursday . The company traded as high as $18.17 and last traded at $17.6330, with a volume of 11822158 shares changing hands. The stock had previously closed at $17.53.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RIVN. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. UBS Group boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Mizuho reissued an “underperform” rating and issued a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Six equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $14.34.

Rivian Automotive Stock Down 0.6%

The firm’s fifty day moving average price is $14.65 and its two-hundred day moving average price is $14.02. The stock has a market cap of $22.01 billion, a price-to-earnings ratio of -5.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 52,350 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. This represents a 4.03% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 133,949 shares of company stock worth $2,129,521. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIVN. Allworth Financial LP boosted its position in shares of Rivian Automotive by 179.5% during the 3rd quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock valued at $444,000 after purchasing an additional 19,434 shares in the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of Rivian Automotive by 27.1% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock worth $1,982,000 after purchasing an additional 28,759 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Rivian Automotive by 47.7% during the third quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock valued at $323,000 after purchasing an additional 7,115 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in Rivian Automotive during the third quarter valued at approximately $110,000. Finally, Coldstream Capital Management Inc. boosted its holdings in Rivian Automotive by 128.9% during the third quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after buying an additional 69,754 shares in the last quarter. 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.