Rivian Automotive (NASDAQ:RIVN) Trading Up 2.2% – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 2.2% during trading on Wednesday . The stock traded as high as $14.86 and last traded at $14.70. 22,862,342 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 29,375,666 shares. The stock had previously closed at $14.39.

Analysts Set New Price Targets

Several brokerages have recently commented on RIVN. Wells Fargo & Company upped their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Needham & Company LLC restated a “buy” rating and issued a $23.00 price objective on shares of Rivian Automotive in a report on Friday, May 1st. Bank of America began coverage on shares of Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective on the stock. Finally, Weiss Ratings lowered shares of Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Performance

The company has a market capitalization of $18.24 billion, a price-to-earnings ratio of -5.03 and a beta of 1.64. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. The stock’s fifty day simple moving average is $15.29 and its 200-day simple moving average is $16.31.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 5,544 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were 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 in the company, valued at $12,122,320.90. This represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 the stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $16.17, for a total transaction of $346,781.82. Following the sale, the chief executive officer owned 1,001,138 shares in the company, valued at approximately $16,188,401.46. This trade represents 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. Over the last quarter, insiders have sold 92,399 shares of company stock worth $1,443,578. 2.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Illinois Municipal Retirement Fund raised its holdings in shares of Rivian Automotive by 1.6% in the 4th quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock valued at $853,000 after purchasing an additional 686 shares in the last quarter. Merit Financial Group LLC raised its holdings in shares of Rivian Automotive by 3.2% in the 4th quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock valued at $456,000 after purchasing an additional 718 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock valued at $54,000 after purchasing an additional 739 shares in the last quarter. Utah Retirement Systems raised its holdings in shares of Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock valued at $2,533,000 after purchasing an additional 744 shares in the last quarter. Finally, Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 5.7% in the 4th quarter. Tradition Wealth Management LLC now owns 14,056 shares of the electric vehicle automaker’s stock valued at $277,000 after purchasing an additional 753 shares in the last quarter. 66.25% of the stock is currently 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.