Rivian Automotive (NASDAQ:RIVN) Trading 3.3% Higher After Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 3.3% during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $16.00 to $18.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as high as $14.98 and last traded at $14.74. Approximately 11,889,481 shares were traded during trading, a decline of 67% from the average daily volume of 36,169,343 shares. The stock had previously closed at $14.26.

RIVN has been the topic of several other research reports. Cantor Fitzgerald reiterated a “neutral” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Benchmark reissued a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $14.08.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company’s stock, valued at $10,082,590.02. The trade was a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the company. Tandem Financial LLC purchased a new position in Rivian Automotive in the fourth quarter valued at $25,000. PFS Partners LLC lifted its stake in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,882 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at approximately $28,000. Finally, Orion Capital Management LLC bought a new position in Rivian Automotive during the 4th quarter worth $34,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 2.7%

The company has a market cap of $16.55 billion, a price-to-earnings ratio of -3.10 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $11.98 and a 200-day simple moving average of $12.36.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current 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.