Rivian Automotive (NASDAQ:RIVN) Trading Up 15% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 15% 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 $20.33 and last traded at $20.28. Approximately 66,316,961 shares traded hands during mid-day trading, an increase of 70% from the average daily volume of 39,045,848 shares. The stock had previously closed at $17.63.

RIVN has been the subject of a number of other reports. Tigress Financial upped their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Evercore ISI restated an “outperform” rating on shares of Rivian Automotive in a research note on Monday. JPMorgan Chase & Co. raised their target price on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. Morgan Stanley reissued an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a report on Monday, December 8th. Finally, The Goldman Sachs Group upped their price target on Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.34.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the sale, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This represents a 2.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the sale, 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 120,154 shares of company stock valued at $2,017,909. Company insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Assetmark Inc. grew its holdings in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares in the last quarter. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the last quarter. Mather Group LLC. purchased a new position in Rivian Automotive during the third quarter valued at $30,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive in the 2nd quarter valued at $31,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

The company has a market capitalization of $24.86 billion, a P/E ratio of -6.52 and a beta of 1.79. 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’s fifty day simple moving average is $15.40 and its 200-day simple moving average is $14.17.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the business posted ($1.08) earnings per share. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. As a group, equities analysts anticipate 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.