Rivian Automotive (NASDAQ:RIVN) Shares Up 1.6% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 1.6% during trading on Thursday . The company traded as high as $16.61 and last traded at $16.52. 31,505,366 shares changed hands during trading, an increase of 5% from the average daily volume of 30,049,369 shares. The stock had previously closed at $16.26.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of analyst reports. TD Cowen reissued a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Wednesday, June 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. Bank of America began coverage on Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research note on Monday, April 6th. Finally, Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average price target of $18.57.

Rivian Automotive Stock Performance

The business has a 50 day simple moving average of $15.67 and a two-hundred day simple moving average of $16.38. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The company has a market cap of $20.50 billion, a PE ratio of -5.66 and a beta of 1.62.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This trade represents a 3.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 Rivian Automotive stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the completion of the sale, the chief financial officer owned 946,814 shares of the company’s stock, valued at $17,042,652. This trade represents 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. Insiders have sold 100,340 shares of company stock worth $1,560,246 over the last quarter. 1.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in the stock. Western Wealth Management LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter valued at $179,000. Rathbones Group PLC acquired a new position in Rivian Automotive in the first quarter valued at $237,000. Parallel Advisors LLC grew its position in Rivian Automotive by 4.0% during the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after acquiring an additional 613 shares during the period. Edgestream Partners L.P. increased its stake in Rivian Automotive by 47.9% during the first quarter. Edgestream Partners L.P. now owns 394,487 shares of the electric vehicle automaker’s stock worth $5,937,000 after acquiring an additional 127,788 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Rivian Automotive by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 53,360 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 2,059 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.