Rivian Automotive (NASDAQ:RIVN) Shares Up 1.5% – Still a Buy?

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIVN. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Bank of America began coverage on Rivian Automotive in a report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price target for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Weiss Ratings downgraded shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 18th. Finally, Needham & Company LLC restated a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research note on Wednesday, June 10th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Up 1.5%

The stock has a fifty day moving average price of $15.63 and a two-hundred day moving average price of $16.32. The company has a market cap of $18.44 billion, a price-to-earnings ratio of -5.09 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 Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive 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 completion of the sale, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. The trade was a 0.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 business’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 of the company’s stock, valued at $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 quarter. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Brighton Jones LLC increased its stake in Rivian Automotive by 28.0% during the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares during the period. AQR Capital Management LLC grew its holdings in shares of Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after purchasing an additional 4,998 shares in the last quarter. Focus Partners Wealth increased its position in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares during the period. 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.