Rivian Automotive (NASDAQ:RIVN) Shares Up 3% – Time to Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 3% on Monday . The stock traded as high as $17.60 and last traded at $16.84. Approximately 22,531,646 shares changed hands during trading, a decline of 25% from the average daily volume of 30,081,441 shares. The stock had previously closed at $16.35.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RIVN shares. Wells Fargo & Company lifted their target price 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. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and raised their price target for the stock from $15.00 to $16.00 in a research report on Friday, February 13th. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. Bank of America initiated coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 price objective for the company. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 3rd. Twelve 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 company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $18.57.

Rivian Automotive Stock Up 3.0%

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The firm’s fifty day simple moving average is $15.45 and its 200 day simple moving average is $16.34. The stock has a market capitalization of $20.90 billion, a price-to-earnings ratio of -5.77 and a beta of 1.62.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of Rivian Automotive stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. This trade represents a 0.90% 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 sold a total of 117,790 shares of company stock worth $1,832,466 over the last ninety days. 1.48% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. Danske Bank A S increased its position in shares of Rivian Automotive by 36.8% in the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after acquiring an additional 165,300 shares during the last quarter. Trek Financial LLC bought a new position in Rivian Automotive in the fourth quarter valued at approximately $6,115,000. Swedbank AB increased its position in shares of Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after purchasing an additional 74,322 shares during the last quarter. DNB Asset Management AS increased its position in shares of Rivian Automotive by 85.4% during the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after purchasing an additional 335,511 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $4,895,000. Institutional investors own 66.25% of the company’s stock.

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.