Rivian Automotive (NASDAQ:RIVN) Trading Up 2.3% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 2.3% during mid-day trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $16.00 to $18.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as high as $15.15 and last traded at $14.98. Approximately 13,072,334 shares were traded during trading, a decline of 64% from the average daily volume of 36,173,277 shares. The stock had previously closed at $14.64.

A number of other equities research analysts have also issued reports on RIVN. Cowen started coverage on Rivian Automotive in a research report on Thursday, March 6th. They issued a “hold” rating for the company. Benchmark reaffirmed a “buy” rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Wedbush lowered their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. UBS Group upped their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.16.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $9,596,373.75. This trade represents a 7.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,154,905 in the last three months. 2.51% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC increased its stake in Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock valued at $131,000 after purchasing an additional 722 shares during the last quarter. Brown Advisory Inc. grew its position in shares of Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after buying an additional 772 shares during the last quarter. First National Trust Co raised its stake in Rivian Automotive by 5.3% during the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock worth $199,000 after acquiring an additional 800 shares in the last quarter. Dimension Capital Management LLC lifted its position in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after acquiring an additional 819 shares during the last quarter. Finally, Tradition Wealth Management LLC lifted its position in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after acquiring an additional 849 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 0.3%

The firm’s 50 day simple moving average is $12.20 and its 200-day simple moving average is $12.43. The company has a market cap of $16.76 billion, a price-to-earnings ratio of -3.14 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.