Rivian Automotive (NASDAQ:RIVN) Trading 3.4% Higher – Should You Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 3.4% on Thursday . The stock traded as high as $15.27 and last traded at $15.20. 22,457,021 shares changed hands during trading, a decline of 23% from the average session volume of 29,311,059 shares. The stock had previously closed at $14.70.

Analyst Ratings Changes

RIVN has been the subject of several recent analyst reports. Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. BNP Paribas Exane reaffirmed an “outperform” rating and set a $22.00 price objective (down from $23.00) on shares of Rivian Automotive in a research report on Friday, May 1st. Leerink Partners reaffirmed an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Tigress Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, May 1st. Twelve 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.com, the company presently 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 stock has a 50-day simple moving average of $15.27 and a 200-day simple moving average of $16.30. The stock has a market cap of $18.86 billion, a P/E ratio of -5.21 and a beta of 1.64.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 5,544 shares of Rivian Automotive stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $13.43, for a total transaction of $74,455.92. Following the sale, the chief financial officer directly owned 902,630 shares of the company’s stock, valued at approximately $12,122,320.90. This trade represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert J. Scaringe sold 21,446 shares of Rivian Automotive stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total value of $346,781.82. Following the sale, the chief executive officer directly owned 1,001,138 shares in the company, valued at $16,188,401.46. The trade was a 2.10% 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 92,399 shares of company stock worth $1,443,578 over the last three months. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth approximately $27,000. SOA Wealth Advisors LLC. lifted its stake in 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 buying an additional 1,395 shares during the period. Zions Bancorporation National Association UT acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $33,000. Glass Jacobson Investment Advisors llc lifted its stake in Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 852 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in Rivian Automotive by 113.6% in 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 buying an additional 1,000 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.