Rivian Automotive (NASDAQ:RIVN) Trading Up 2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price rose 2% during trading on Tuesday . The stock traded as high as $17.20 and last traded at $17.2930. Approximately 43,402,650 shares traded hands during trading, an increase of 45% from the average daily volume of 29,852,022 shares. The stock had previously closed at $16.95.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price target on shares of Rivian Automotive in a report on Monday, April 6th. Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a report on Thursday, March 12th. Stifel Nicolaus boosted their price target on shares of Rivian Automotive from $17.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. DA Davidson boosted their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Finally, Tigress Financial restated a “buy” rating and set a $25.00 price target on shares of Rivian Automotive in a report on Friday, April 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.57.

Rivian Automotive Price Performance

The stock has a market capitalization of $21.46 billion, a P/E ratio of -5.92 and a beta of 1.62. The stock’s fifty day moving average is $15.29 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.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the company’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 completion of the sale, the chief executive officer directly owned 922,286 shares in the company, valued at $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 117,790 shares of company stock valued at $1,832,466 over the last 90 days. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Newbridge Financial Services Group Inc. boosted its holdings in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares during the period. Core Wealth Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter valued at about $27,000. SOA Wealth Advisors LLC. boosted its holdings in Rivian Automotive by 894.2% during 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Rivian Automotive during the third quarter valued at about $31,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive during the fourth quarter valued at about $33,000. 66.25% of the stock is currently owned by institutional investors.

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.