Rivian Automotive (NASDAQ:RIVN) Trading 3.5% Higher Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded up 3.5% during mid-day trading on Monday after Barclays raised their price target on the stock from $10.00 to $14.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as high as $14.38 and last traded at $13.89. 29,693,555 shares were traded during mid-day trading, a decline of 31% from the average session volume of 43,067,152 shares. The stock had previously closed at $13.42.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. 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. Canaccord Genuity Group boosted their price target on Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Finally, Jefferies Financial Group assumed coverage on Rivian Automotive in a report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.04.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. boosted its stake in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Morgan Stanley grew its holdings in Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 3.7 %

The stock’s fifty day simple moving average is $10.78 and its two-hundred day simple moving average is $13.38. The company has a market capitalization of $13.85 billion, a price-to-earnings ratio of -2.41 and a beta of 2.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The business had revenue of $1.20 billion during 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%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.93 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.