Rivian Automotive (NASDAQ:RIVN) Trading 1.5% Higher – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 1.5% during trading on Thursday . The stock traded as high as $14.88 and last traded at $14.86. Approximately 26,311,831 shares were traded during trading, a decline of 12% from the average daily volume of 29,893,754 shares. The stock had previously closed at $14.64.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIVN. Tigress Financial reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, April 10th. BNP Paribas Exane reiterated an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 10th. Weiss Ratings lowered Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 18th. Finally, Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Price Performance

The stock’s 50-day moving average is $15.59 and its 200 day moving average is $16.29. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The company has a market cap of $19.40 billion, a PE ratio of -5.35 and a beta of 1.62.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer directly owned 887,007 shares in the company, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,340 shares of company stock valued at $1,560,246 in the last three months. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in Rivian Automotive during the 4th quarter valued at approximately $220,323,000. Renaissance Technologies LLC grew its holdings in shares of Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after buying an additional 4,012,386 shares during the last quarter. Capital International Investors grew its holdings in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after buying an additional 2,418,717 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after acquiring an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its position in shares of Rivian Automotive by 1,353.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after acquiring an additional 1,916,686 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.