Rivian Automotive (NASDAQ:RIVN) Shares Up 9.8% Following Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 9.8% on Tuesday after DA Davidson raised their price target on the stock from $13.00 to $15.00. DA Davidson currently has a neutral rating on the stock. Rivian Automotive traded as high as $18.13 and last traded at $18.02. Approximately 108,403,824 shares were traded during mid-day trading, an increase of 186% from the average daily volume of 37,885,008 shares. The stock had previously closed at $16.41.

A number of other equities research analysts also recently weighed in on the company. Zacks Research downgraded Rivian Automotive from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Morgan Stanley dropped 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 research report on Wednesday, August 13th. The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $13.81.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,147 shares of company stock valued at $577,593 in the last quarter. Company insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Rivian Automotive in the 2nd quarter worth $105,629,000. Vanguard Group Inc. grew its position in Rivian Automotive by 7.8% in the 1st 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 in the last quarter. Nuveen LLC bought a new stake in Rivian Automotive in the 1st quarter worth about $33,582,000. AQR Capital Management LLC increased its stake in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its position in shares of Rivian Automotive by 1,353.6% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock worth $28,281,000 after buying an additional 1,916,686 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

The stock has a market cap of $21.87 billion, a PE ratio of -5.79 and a beta of 1.81. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The business has a 50 day moving average price of $14.04 and a two-hundred day moving average price of $13.77.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted ($1.08) earnings per share. Rivian Automotive’s quarterly revenue was up 78.3% compared to the same quarter last year. Research analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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.