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

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on RIVN shares. Wells Fargo & Company boosted their target price on shares of Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Tigress Financial restated a “buy” rating and set a $25.00 target price on shares of Rivian Automotive in a research report on Friday, April 10th. Bank of America started coverage on shares of Rivian Automotive in a research report on Wednesday, March 4th. They set an “underperform” rating and a $14.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a research report on Friday, May 1st. Finally, TD Cowen upgraded shares of Rivian Automotive from a “hold” rating to a “buy” rating and boosted their target price for the company from $17.00 to $20.00 in a research report on Tuesday, March 10th. 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 stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Stock Performance

The business’s 50-day simple moving average is $15.29 and its two-hundred day simple moving average is $16.31. The firm has a market cap of $18.24 billion, a price-to-earnings ratio of -5.03 and a beta of 1.64. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Insider Activity

In related news, CEO Robert J. Scaringe sold 21,446 shares of the company’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $16.17, for a total transaction of $346,781.82. Following the completion of the transaction, the chief executive officer owned 1,001,138 shares in the company, valued at $16,188,401.46. This represents a 2.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $18.00, for a total transaction of $184,410.00. Following the transaction, the chief financial officer owned 946,814 shares of the company’s stock, 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. In the last 90 days, insiders have sold 92,399 shares of company stock valued at $1,443,578. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Danske Bank A S grew its stake in shares of Rivian Automotive by 36.8% in the 4th quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker’s stock valued at $12,102,000 after buying an additional 165,300 shares during the period. Trek Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $6,115,000. New York State Common Retirement Fund lifted its holdings in shares of Rivian Automotive by 36.4% in the 3rd quarter. New York State Common Retirement Fund now owns 597,353 shares of the electric vehicle automaker’s stock worth $8,769,000 after acquiring an additional 159,400 shares during the last quarter. Swedbank AB lifted its holdings in shares of Rivian Automotive by 8.6% in the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker’s stock worth $18,553,000 after acquiring an additional 74,322 shares during the last quarter. Finally, DNB Asset Management AS lifted its holdings in shares of Rivian Automotive by 85.4% in the 3rd quarter. DNB Asset Management AS now owns 728,262 shares of the electric vehicle automaker’s stock worth $10,691,000 after acquiring an additional 335,511 shares during the last quarter. Institutional investors and hedge funds 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.