Rivian Automotive (NASDAQ:RIVN) Stock Price Up 15% Following Analyst Upgrade

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

A number of other research analysts have also recently commented on the stock. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Evercore ISI reiterated an “outperform” rating on shares of Rivian Automotive in a report on Monday. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday. JPMorgan Chase & Co. lifted their target price on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Finally, DA Davidson boosted their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and an average target price of $15.34.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction dated 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 in the company, valued at $13,140,306. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. The trade was a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have 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

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after buying an additional 2,597,310 shares during the last quarter. Capital International Investors grew its position in shares of Rivian Automotive by 13.4% during the third quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after acquiring an additional 2,161,394 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 4.9% in the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after acquiring an additional 689,045 shares during the period. Soma Equity Partners LP lifted its position in Rivian Automotive by 9.9% in the 3rd quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock valued at $135,126,000 after purchasing an additional 829,782 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after purchasing an additional 809,064 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

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 company has a market cap of $24.86 billion, a P/E ratio of -6.52 and a beta of 1.79. The stock has a fifty day moving average price of $15.26 and a two-hundred day moving average price of $14.13.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly 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 company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm’s quarterly revenue was up 78.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.08) EPS. On average, equities analysts forecast 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.