Rivian Automotive (NASDAQ:RIVN) Shares Up 3.1% – Still a Buy?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares were up 3.1% during mid-day trading on Thursday . The company traded as high as $14.25 and last traded at $14.15. Approximately 24,875,062 shares changed hands during trading, a decline of 16% from the average daily volume of 29,500,936 shares. The stock had previously closed at $13.73.

Key Stories Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Investor optimism remains centered on Rivian’s R2 SUV rollout, which could expand demand and support a stronger growth trajectory as the company moves into its next phase of development.
• Positive Sentiment: Commentary continues to highlight Rivian’s long-term upside from software monetization, autonomy revenues, and strategic deals, reinforcing the bull case for the stock.
• Positive Sentiment: Rivian’s roughly 38% stake in Mind Robotics, valued at about $3.4 billion, is being viewed as a potentially important separate asset that could improve financial flexibility over time. The Bull Case For Rivian Automotive (RIVN) Could Change Following R2 Shift And Mind Robotics Stakes

Analysts Set New Price Targets

RIVN has been the topic of several research reports. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, May 1st. Tigress Financial reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, April 10th. BNP Paribas Exane reiterated an “outperform” rating and issued a $22.00 target price (down from $23.00) on shares of Rivian Automotive in a research note on Friday, May 1st. Weiss Ratings downgraded Rivian Automotive from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Twelve investment 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.57.

Rivian Automotive Price Performance

The stock has a fifty day simple moving average of $15.41 and a two-hundred day simple moving average of $16.29. The company has a market cap of $17.56 billion, a PE ratio of -4.85 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.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 5,544 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $13.43, for a total value 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. The trade was a 0.61% decrease in their ownership of the stock. 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 business’s stock in a transaction 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 $16,188,401.46. The trade was a 2.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 92,399 shares of company stock worth $1,443,578. Company insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter worth about $220,323,000. Renaissance Technologies LLC boosted its holdings in Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after buying an additional 4,012,386 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after buying an additional 2,597,310 shares in the last quarter. Capital International Investors boosted its holdings in Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after buying an additional 2,418,717 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.