Rivian Automotive (NASDAQ:RIVN) Trading 1.3% Higher – Time to Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 1.3% during trading on Tuesday . The company traded as high as $16.72 and last traded at $16.69. Approximately 15,800,064 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 31,677,977 shares. The stock had previously closed at $16.48.

Trending Headlines about Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Piper Sandler upgraded Rivian to Overweight from Neutral and raised its price target from $18 to $20, citing improving demand, a potentially smoother R2 launch and a stronger balance sheet. The firm’s favorable view versus Stellantis provided the primary catalyst for the recent move higher. Why Is Rivian Stock Soaring Today
• Positive Sentiment: Rivian has reportedly exceeded expectations for production and deliveries and raised its delivery guidance, supporting the case that demand is holding up better than feared. Stronger execution could improve investor confidence ahead of the earnings release. Rivian Raises Delivery Guidance
• Positive Sentiment: Rivian could benefit from sales traction for its new SUV, while a favorable ruling or settlement on its request for tariff reimbursements plus interest would provide a potential cash benefit. Rivian Seeks Tariff Reimbursement

Analysts Set New Price Targets

RIVN has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $20.00 in a research note on Monday. UBS Group increased their price target on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Finally, DA Davidson lifted their price objective on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $18.95.

Rivian Automotive Stock Performance

The business’s fifty day moving average is $16.38 and its 200-day moving average is $15.96. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company has a market cap of $22.72 billion, a PE ratio of -5.72 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company earned ($0.48) earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.06 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction on Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. This trade represents a 0.90% 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 have sold 68,385 shares of company stock worth $1,125,094 in the last 90 days. 1.48% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Danske Bank A S grew its stake in shares of Rivian Automotive by 36.8% during the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after acquiring an additional 165,300 shares during the period. Trek Financial LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $6,115,000. Independent Financial Group LLC bought a new stake in Rivian Automotive during the 1st quarter worth approximately $985,000. Swedbank AB lifted its holdings in Rivian Automotive by 8.6% during the fourth quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock valued at $18,553,000 after purchasing an additional 74,322 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Rivian Automotive by 34.9% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker’s stock valued at $5,249,000 after purchasing an additional 90,200 shares in the last quarter. Institutional investors 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.