Rivian Automotive (NASDAQ:RIVN) Trading 2.1% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares rose 2.1% during trading on Wednesday . The stock traded as high as $16.95 and last traded at $16.26. 33,835,031 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 30,036,229 shares. The stock had previously closed at $15.93.

Analyst Ratings Changes

RIVN has been the topic of a number of analyst reports. Jefferies Financial Group restated a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a report on Monday. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a research note on Friday, May 1st. Weiss Ratings raised shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 3rd. Finally, Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Twelve equities research 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’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Performance

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 capitalization of $20.50 billion, a PE ratio of -5.66 and a beta of 1.62. The stock has a 50-day simple moving average of $15.64 and a 200 day simple moving average of $16.38.

Insider Activity

In related news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the sale, the chief financial officer directly owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This represents a 0.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents 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. Insiders sold a total of 100,340 shares of company stock worth $1,560,246 over the last quarter. Insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. grew its holdings in Rivian Automotive by 113.6% during 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 during the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth $27,000. SOA Wealth Advisors LLC. lifted its position in shares of Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Rivian Automotive during the 3rd quarter worth about $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in Rivian Automotive in the 4th quarter valued at about $33,000. 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.