Rivian Automotive (NASDAQ:RIVN) Trading 5.3% Higher – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 5.3% during trading on Thursday . The stock traded as high as $15.64 and last traded at $15.54. Approximately 27,469,314 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 30,100,510 shares. The stock had previously closed at $14.76.

Key Rivian Automotive News

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

• Positive Sentiment: Needham reaffirmed its Buy rating on Rivian and set a $23 price target, implying meaningful upside if the R2 launch gains traction. Benzinga Street Insider
• Positive Sentiment: Analysts highlighted Rivian’s software progress and the R2 launch as signs the business is starting to scale, which could support a longer-term recovery if deliveries ramp smoothly. 24/7 Wall St.
• Neutral Sentiment: Rivian began delivering the cheaper R2 model, a major milestone for the company, but the launch is still early and investors are waiting to see whether demand and execution can justify the stock’s valuation. Quartz
• Negative Sentiment: Early R2 feedback has been mixed, with some buyers criticizing pricing, lease costs, and missing software features, creating concern that the model may not be as compelling as hoped. Stocktwits
• Negative Sentiment: Rivian shares fell after the R2 rollout, reflecting investor skepticism that the new lower-priced vehicle will quickly drive stronger growth or improved margins. Quartz

Analyst Ratings Changes

Several brokerages have recently weighed in on RIVN. Piper Sandler decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. 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. Stifel Nicolaus increased their target price on Rivian Automotive from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Bank of America began coverage on Rivian Automotive in a research note on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price on the stock. Finally, Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $18.57.

Rivian Automotive Stock Up 5.3%

The company has a market cap of $19.28 billion, a P/E ratio of -5.32 and a beta of 1.62. The firm’s 50 day moving average price is $15.50 and its two-hundred day moving average price is $16.36. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was 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 directly owned 946,814 shares of the company’s stock, valued at $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of 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 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. Over the last ninety days, insiders sold 117,790 shares of company stock valued at $1,832,466. 1.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Danske Bank A S lifted its stake in shares of Rivian Automotive by 36.8% in 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 purchasing an additional 165,300 shares during the last quarter. Trek Financial LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $6,115,000. Swedbank AB increased its position in Rivian Automotive by 8.6% during the 4th 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 during the period. DNB Asset Management AS boosted its stake in shares of Rivian Automotive by 85.4% during the third quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock valued at $10,691,000 after purchasing an additional 335,511 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $4,895,000. 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.