Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.7% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) rose 1.7% during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $12.00 to $14.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.95 and last traded at $15.79. Approximately 50,511,455 shares traded hands during mid-day trading, an increase of 40% from the average daily volume of 35,987,676 shares. The stock had previously closed at $15.53.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday, August 25th. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Morgan Stanley lowered their target price on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, Wedbush lowered their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $13.72.

Insider Activity

In related news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents a 0.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock worth $577,593 over the last 90 days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Norges Bank bought a new stake in Rivian Automotive during the second quarter worth about $105,629,000. Vanguard Group Inc. lifted its position in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the period. Nuveen LLC bought a new stake in Rivian Automotive during the first quarter worth about $33,582,000. AQR Capital Management LLC lifted its position in Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its position in Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after purchasing an additional 1,916,686 shares during the period. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The stock has a market cap of $19.16 billion, a P/E ratio of -4.89 and a beta of 1.81. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The business’s fifty day moving average price is $13.35 and its 200 day moving average price is $13.19.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company posted ($1.46) EPS. Sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal 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.