Rivian Automotive (NASDAQ:RIVN) Stock Price Up 26.1% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 26.1% during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $14.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Rivian Automotive traded as high as $16.35 and last traded at $15.08. Approximately 129,823,906 shares changed hands during mid-day trading, an increase of 214% from the average daily volume of 41,283,902 shares. The stock had previously closed at $11.96.

Several other research analysts have also recently issued reports on RIVN. Jefferies Financial Group initiated coverage on Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective for the company. Cantor Fitzgerald increased their price objective on Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Piper Sandler reiterated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. boosted its position in shares of Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after acquiring an additional 651 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in shares of Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after purchasing an additional 668 shares during the last quarter. Laidlaw Wealth Management LLC grew its stake in shares of Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after buying an additional 718 shares during the period. Jamison Private Wealth Management Inc. increased its holdings in shares of Rivian Automotive by 10.8% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after buying an additional 727 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Rivian Automotive by 86.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 23.2 %

The firm has a market capitalization of $14.67 billion, a price-to-earnings ratio of -2.55 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The business has a fifty day moving average price of $10.47 and a 200 day moving average price of $13.55.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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). The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -4.94 earnings per share for the current 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.