Rivian Automotive (NASDAQ:RIVN) Shares Up 2.4% - Time to Buy?

Key Points

• Rivian shares rose 2.4% to $16.39 in mid-day trading, with volume of 17.8 million shares—43% below the average session volume.
• Analyst sentiment remains mixed: 12 analysts rate the stock a Buy, eight a Hold and seven a Sell. The overall consensus is “Hold”, with an average price target of $18.95.
• Insiders sold 68,385 shares worth approximately $1.13 million during the last quarter, while institutional investors own a substantial 66.25% stake in the company.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price rose 2.4% during mid-day trading on Monday . The stock traded as high as $16.46 and last traded at $16.39. 17,833,027 shares traded hands during trading, a decline of 43% from the average session volume of 31,213,197 shares. The stock had previously closed at $16.00.

Analysts Set New Price Targets

RIVN has been the topic of a number of analyst reports. Weiss Ratings upgraded Rivian Automotive from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 6th. Needham & Company LLC reaffirmed a "buy" rating on shares of Rivian Automotive in a report on Monday. DA Davidson upped their price target on Rivian Automotive from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Jefferies Financial Group increased their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company raised their price objective on shares of Rivian Automotive from $15.00 to $16.00 and gave the company an "equal weight" rating in a research report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $18.95.

Rivian Automotive Stock Up 2.4%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. The company has a fifty day moving average price of $16.65 and a 200 day moving average price of $15.80. The company has a market cap of $22.31 billion, a PE ratio of -6.35 and a beta of 1.61.

Insider Activity

In related news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares of the company's stock, valued at $14,192,112. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company's 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 completion of the transaction, the chief executive officer owned 922,286 shares of the company's stock, valued at $13,834,290. The trade was a 3.64% 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 68,385 shares of company stock worth $1,125,094. 1.48% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Danske Bank A S boosted its holdings in shares of Rivian Automotive by 36.8% during the fourth quarter. Danske Bank A S now owns 613,993 shares of the electric vehicle automaker's stock worth $12,102,000 after purchasing an additional 165,300 shares during the period. Trek Financial LLC purchased a new position in Rivian Automotive during the 4th quarter valued at about $6,115,000. Independent Financial Group LLC bought a new position in Rivian Automotive during the 1st quarter valued at approximately $985,000. Swedbank AB raised its position in Rivian Automotive by 8.6% during the 4th quarter. Swedbank AB now owns 941,304 shares of the electric vehicle automaker's stock valued at $18,553,000 after purchasing an additional 74,322 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Rivian Automotive by 34.9% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 348,800 shares of the electric vehicle automaker's stock worth $5,249,000 after buying an additional 90,200 shares during the period. Institutional investors 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.

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