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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 2% during trading on Tuesday . The company traded as high as $17.20 and last traded at $17.2930. 43,402,650 shares were traded during trading, an increase of 45% from the average session volume of 29,852,022 shares. The stock had previously closed at $16.95.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. 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. Jefferies Financial Group reaffirmed a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of Rivian Automotive in a research report on Friday, May 1st. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and upped their price objective for the company from $15.00 to $16.00 in a research report on Friday, February 13th. Finally, Bank of America assumed coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Price 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 market capitalization of $21.46 billion, a P/E ratio of -5.92 and a beta of 1.62. The company’s 50 day simple moving average is $15.29 and its two-hundred day simple moving average is $16.29.

Insider Activity

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 sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing 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 the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer directly owned 887,007 shares in the company, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 117,790 shares of company stock worth $1,832,466 over the last ninety days. Insiders own 1.48% of the company’s stock.

Institutional Trading of Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. grew its stake 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 worth $26,000 after buying an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC bought a new stake in Rivian Automotive during the fourth quarter worth about $27,000. SOA Wealth Advisors LLC. grew its stake 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 worth $31,000 after buying an additional 1,395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. 66.25% of the stock is owned by institutional investors.

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.