Rivian Automotive (NASDAQ:RIVN) Raised to “Strong-Buy” at Baird R W

Rivian Automotive (NASDAQ:RIVNGet Free Report) was upgraded by equities research analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also recently issued reports on RIVN. JPMorgan Chase & Co. boosted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, The Goldman Sachs Group lifted their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.73.

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Rivian Automotive Price Performance

RIVN opened at $22.45 on Thursday. The business has a fifty day moving average of $15.59 and a 200 day moving average of $14.23. The stock has a market cap of $27.52 billion, a P/E ratio of -7.22 and a beta of 1.79. 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 has a 52-week low of $10.36 and a 52-week high of $22.64.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last released its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.06. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same period last year, the company earned ($1.08) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, Director Peter Krawiec sold 3,655 shares of the 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 completion of the sale, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the completion of the sale, the chief executive officer owned 1,167,559 shares in the company, valued at $20,467,309.27. This represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 120,154 shares of company stock worth $2,017,909 in the last three months. 2.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Assetmark Inc. grew its holdings in Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 1,000 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Rivian Automotive during the 3rd quarter worth $31,000. Finally, Hemington Wealth Management increased its position in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,580 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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About Rivian Automotive

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Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.

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Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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