Rivian Automotive (NASDAQ:RIVN) Shares Up 12.1% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 12.1% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $13.00 to $16.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $19.60 and last traded at $18.42. 103,226,340 shares traded hands during mid-day trading, an increase of 166% from the average session volume of 38,795,945 shares. The stock had previously closed at $16.43.

RIVN has been the subject of a number of other reports. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Stifel Nicolaus boosted their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a report on Friday. Six analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.86.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the transaction, the chief executive officer directly owned 1,246,405 shares of the company’s stock, valued at $20,690,323. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of the business’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the sale, the chief financial officer directly owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 133,949 shares of company stock valued at $2,191,119. Company insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Rivian Automotive by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock worth $62,882,000 after purchasing an additional 309,787 shares during the period. Townsquare Capital LLC grew its position in Rivian Automotive by 25.6% during the 1st quarter. Townsquare Capital LLC now owns 37,335 shares of the electric vehicle automaker’s stock worth $465,000 after purchasing an additional 7,604 shares during the last quarter. Nuveen LLC acquired a new position in Rivian Automotive in the first quarter valued at $33,582,000. Finally, HighTower Advisors LLC increased its stake in Rivian Automotive by 21.9% in the first quarter. HighTower Advisors LLC now owns 97,633 shares of the electric vehicle automaker’s stock valued at $1,216,000 after purchasing an additional 17,551 shares during the period. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Up 12.1%

The firm has a market capitalization of $22.58 billion, a PE ratio of -5.92 and a beta of 1.79. The business’s fifty day moving average price is $14.97 and its 200 day moving average price is $14.07. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

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.