Rivian Automotive (NASDAQ:RIVN) Trading Up 5.2% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 5.2% during trading on Friday . The company traded as high as $15.72 and last traded at $15.63. 41,655,461 shares traded hands during trading, an increase of 39% from the average daily volume of 29,988,424 shares. The stock had previously closed at $14.86.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RIVN. DA Davidson lifted their target price on Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings lowered Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 18th. Canaccord Genuity Group restated a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, April 6th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 3rd. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Stock Up 5.2%

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’s fifty day simple moving average is $15.59 and its 200-day simple moving average is $16.29. The stock has a market cap of $19.40 billion, a P/E ratio of -5.35 and a beta of 1.62.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 34,818 shares of the 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 sale, the chief executive officer directly owned 922,286 shares in the company, valued at approximately $13,834,290. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $17,042,652. This trade represents a 1.07% decrease in their position. 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 100,340 shares of company stock valued at $1,560,246 over the last ninety days. Corporate insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. boosted its holdings in shares of 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 acquired a new stake in shares of Rivian Automotive in the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. increased its holdings in shares of Rivian Automotive by 894.2% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Rivian Automotive in the 3rd quarter valued at about $31,000. Finally, Zions Bancorporation National Association UT bought a new stake in Rivian Automotive in the 4th quarter valued at about $33,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.