Rivian Automotive (NASDAQ:RIVN) Trading Up 3.8% Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 3.8% during mid-day trading on Friday after UBS Group raised their price target on the stock from $11.00 to $14.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.34 and last traded at $15.00. 28,502,685 shares were traded during trading, a decline of 31% from the average session volume of 41,409,781 shares. The stock had previously closed at $14.44.

A number of other research analysts have also weighed in on RIVN. Piper Sandler reduced their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. The Goldman Sachs Group raised their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.48.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 327,429 shares of company stock valued at $4,467,450. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC grew its stake in Rivian Automotive by 1.8% in the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. abrdn plc increased its holdings in Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after buying an additional 1,257,106 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Trading Down 1.6 %

The company has a market cap of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. The business has a fifty day simple moving average of $12.96 and a 200 day simple moving average of $13.07. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

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.