Rivian Automotive (NASDAQ:RIVN) Trading Up 7.5% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 7.5% during trading on Monday . The company traded as high as $16.88 and last traded at $16.81. 38,636,622 shares traded hands during trading, an increase of 29% from the average daily volume of 30,049,139 shares. The stock had previously closed at $15.63.

Analysts Set New Price Targets

Several research analysts have commented on the company. DA Davidson boosted their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. TD Cowen reiterated a “buy” rating and set a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. BNP Paribas Exane reiterated an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Needham & Company LLC restated a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a report on Wednesday, June 10th. Finally, Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 18th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Price Performance

The business has a 50-day simple moving average of $15.59 and a 200 day simple moving average of $16.27. The stock has a market cap of $21.32 billion, a P/E ratio of -5.88 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company’s stock, valued at approximately $17,042,652. The trade was a 1.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 80,076 shares of company stock worth $1,256,286. 1.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Brighton Jones LLC raised its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after purchasing an additional 3,864 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after buying an additional 5,590 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after buying an additional 4,998 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after buying an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after buying an additional 1,856 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.