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

Key Points

• Robert W. Baird upgraded Rivian from Neutral to Outperform and raised its price target to $25 (from $14), sending the stock up about 15% to ~$20.33 on heavy volume (~66.3M shares, ~70% above average).
• Despite recent upgrades, the analyst consensus remains a Hold with a consensus target of $15.34 and a split of 8 Buys, 13 Holds and 6 Sells.
• Rivian’s latest quarter beat estimates with EPS of ($0.65) versus ($0.71) expected and revenue of $1.56B (up 78% year-over-year), though the company remains unprofitable.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 15% 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 changed hands during mid-day trading, an increase of 70% from the average daily volume of 39,045,848 shares. The stock had previously closed at $17.63.

RIVN has been the subject of a number of other reports. Zacks Research raised shares of Rivian Automotive from a "strong sell" rating to a "hold" rating in a report on Monday, November 10th. Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $23.00 and gave the stock a "buy" rating in a research report on Friday, December 12th. JPMorgan Chase & Co. upped their target price on Rivian Automotive from $9.00 to $10.00 and gave the company an "underweight" rating in a report on Monday, October 20th. The Goldman Sachs Group raised their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, December 12th. Finally, Evercore ISI reiterated an "outperform" rating on shares of Rivian Automotive in a research report on Monday. Eight equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and six have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus target price of $15.34.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the transaction, the chief financial officer owned 738,056 shares of the company's stock, valued at $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 52,350 shares of the business's stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer directly owned 1,246,405 shares of the company's stock, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 120,154 shares of company stock worth $2,017,909 in the last three months. Company insiders own 2.16% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

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

Rivian Automotive Trading Up 15.0%

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 business's 50-day simple moving average is $15.26 and its two-hundred day simple moving average is $14.13. The stock has a market capitalization of $24.86 billion, a price-to-earnings ratio of -6.52 and a beta of 1.79.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 61.34% and a negative return on equity of 57.33%. The business's quarterly revenue was up 78.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.08) earnings per share. On average, research analysts anticipate that Rivian Automotive, Inc. will post -3.2 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.

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