Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.2% – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 3.2% during trading on Tuesday . The company traded as high as $17.55 and last traded at $17.35. 31,010,476 shares changed hands during trading, an increase of 3% from the average session volume of 30,082,143 shares. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RIVN. Tigress Financial reaffirmed a “buy” rating and issued a $25.00 price target on shares of Rivian Automotive in a research note on Friday, April 10th. Bank of America began coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective on the stock. BNP Paribas Exane reaffirmed an “outperform” rating and set a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, March 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. Twelve 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. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Performance

The stock has a 50-day moving average of $15.59 and a 200 day moving average of $16.27. The stock has a market cap of $21.53 billion, a PE ratio of -5.94 and a beta of 1.62. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 10,245 shares of the stock in a transaction that occurred on 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 represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. The trade was a 3.64% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 80,076 shares of company stock worth $1,256,286. Insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $220,323,000. Renaissance Technologies LLC increased its position 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 worth $323,195,000 after acquiring an additional 4,012,386 shares during the period. Capital International Investors increased its position 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 worth $409,374,000 after acquiring an additional 2,418,717 shares during the period. AQR Capital Management LLC raised its stake in shares of Rivian Automotive by 496.6% in the second 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 in the last quarter. Finally, Worldquant Millennium Advisors LLC raised its stake in shares of Rivian Automotive by 1,353.6% in the second 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 in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.