Rivian Automotive (NASDAQ:RIVN) Trading 1.8% Higher on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 1.8% on Friday after Mizuho raised their price target on the stock from $11.00 to $13.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.69 and last traded at $15.58. 10,340,346 shares were traded during mid-day trading, a decline of 71% from the average session volume of 35,950,466 shares. The stock had previously closed at $15.30.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. cut their price target on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Truist Financial raised their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday, January 16th. UBS Group raised their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.24.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at $9,596,373.75. This represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 195,364 shares of company stock valued at $2,303,960 over the last quarter. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $25,000. PFS Partners LLC grew its position in shares of Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,882 shares during the period. Bank of Jackson Hole Trust acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 2,243 shares during the period. Finally, Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Up 3.3%

The company has a market cap of $17.88 billion, a price-to-earnings ratio of -3.35 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm’s 50-day moving average price is $12.39 and its 200 day moving average price is $12.50.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

About Rivian Automotive

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.