Rivian Automotive (NASDAQ:RIVN) Trading 7.5% Higher – Still a Buy?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 7.5% during mid-day trading on Monday . The stock traded as high as $16.88 and last traded at $16.81. 38,636,622 shares changed hands during trading, an increase of 29% from the average session volume of 30,049,139 shares. The stock had previously closed at $15.63.

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Bank of America began coverage on Rivian Automotive in a report on Wednesday, March 4th. They issued an “underperform” rating and a $14.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 price objective on shares of Rivian Automotive in a research report on Monday, April 6th. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Finally, DA Davidson raised their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Stock Up 7.5%

The company has a market cap of $20.86 billion, a PE ratio of -5.76 and a beta of 1.62. The firm has a 50-day simple moving average of $15.59 and a two-hundred day simple moving average of $16.28. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64.

Insider Transactions at Rivian Automotive

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 value of $522,270.00. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 firm’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. In the last quarter, insiders have sold 100,340 shares of company stock valued at $1,560,246. 1.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the company. Core Wealth Advisors LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $27,000. SOA Wealth Advisors LLC. raised its holdings in 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 valued at $31,000 after acquiring an additional 1,395 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Rivian Automotive during the 4th quarter worth $33,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Rivian Automotive by 96.3% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares during the period. Finally, 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 worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.