Rivian Automotive (NASDAQ:RIVN) Trading Up 1.8% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.8% during mid-day trading on Monday . The company traded as high as $17.79 and last traded at $17.16. Approximately 43,145,737 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 38,348,688 shares. The stock had previously closed at $16.86.

Analyst Ratings Changes

A number of research firms recently issued reports on RIVN. Wall Street Zen raised Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. The Goldman Sachs Group lowered their price target on Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Morgan Stanley dropped their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Stifel Nicolaus lifted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of Rivian Automotive in a research note on Monday, August 25th. 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.34.

Rivian Automotive Stock Up 1.7%

The stock has a 50-day simple moving average of $14.56 and a 200 day simple moving average of $13.98. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total value of $263,669.50. Following the sale, the chief executive officer owned 1,185,009 shares of the company’s stock, valued at $17,905,485.99. The trade was a 1.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 104,700 shares of company stock valued at $1,621,280. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RIVN. Assetmark Inc. boosted its holdings in 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 in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in Rivian Automotive by 113.6% in 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 in the last quarter. Mather Group LLC. acquired a new stake in Rivian Automotive in the 3rd quarter valued at $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Rivian Automotive in the third quarter valued at $31,000. Finally, Hemington Wealth Management raised its stake in Rivian Automotive by 291.0% during the third 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 in the last quarter. Institutional investors and hedge funds 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.