Rivian Automotive (NASDAQ:RIVN) Shares Gap Up Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price gapped up before the market opened on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $14.00. The stock had previously closed at $11.96, but opened at $16.33. JPMorgan Chase & Co. currently has an underweight rating on the stock. Rivian Automotive shares last traded at $15.59, with a volume of 109,785,875 shares traded.

RIVN has been the topic of a number of other research reports. UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a report on Tuesday, April 16th. Wedbush raised their target price on Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday. Mizuho cut their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley lowered their price target on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIVN. Stifel Financial Corp increased its stake in shares of Rivian Automotive by 7.3% during the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the period. Morgan Stanley lifted its position in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the period. Trust Point Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $246,000. Sapient Capital LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $330,000. Finally, Gradient Investments LLC raised its stake in Rivian Automotive by 72.4% in the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after buying an additional 1,034 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 23.2 %

The company’s fifty day simple moving average is $10.47 and its 200 day simple moving average is $13.55. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $14.67 billion, a PE ratio of -2.55 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Analysts anticipate that Rivian Automotive, Inc. will post -4.94 earnings per share for the current fiscal 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.