Rivian Automotive (NASDAQ:RIVN) Sets New 52-Week High After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares reached a new 52-week high during trading on Thursday after Robert W. Baird upgraded the stock from a neutral rating to an outperform rating. Robert W. Baird now has a $25.00 price target on the stock, up from their previous price target of $14.00. Rivian Automotive traded as high as $20.13 and last traded at $20.1820, with a volume of 51915054 shares. The stock had previously closed at $17.63.

Several other research analysts also recently weighed in on RIVN. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Monday, October 20th. Canaccord Genuity Group reiterated a “buy” rating on shares of Rivian Automotive in a research report on Monday. Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Morgan Stanley reaffirmed an “underweight” rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, December 8th. Finally, UBS Group increased their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average price target of $15.34.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the transaction, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the sale, the chief financial officer owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. The trade was a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 120,154 shares of company stock valued at $2,017,909. Corporate 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 stock. Allworth Financial LP lifted its position in shares of Rivian Automotive by 179.5% in the third quarter. Allworth Financial LP now owns 30,262 shares of the electric vehicle automaker’s stock valued at $444,000 after acquiring an additional 19,434 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in Rivian Automotive by 27.1% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 134,991 shares of the electric vehicle automaker’s stock valued at $1,982,000 after purchasing an additional 28,759 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Rivian Automotive by 47.7% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker’s stock valued at $323,000 after purchasing an additional 7,115 shares in the last quarter. Centaurus Financial Inc. acquired a new stake in shares of Rivian Automotive during the 3rd quarter worth about $110,000. Finally, Coldstream Capital Management Inc. boosted its stake in shares of Rivian Automotive by 128.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker’s stock worth $1,818,000 after purchasing an additional 69,754 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 15.0%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm has a market cap of $24.86 billion, a price-to-earnings ratio of -6.52 and a beta of 1.79. The business’s 50-day moving average price is $15.40 and its two-hundred day moving average price is $14.17.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. Rivian Automotive’s revenue was up 78.3% compared to the same quarter last year. During the same quarter last year, the business earned ($1.08) earnings per share. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share 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.