Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.7% After Analyst Upgrade

Key Points

• Rivian Automotive's stock price increased by 1.7% following an upgrade by Mizuho, which raised its price target from $12.00 to $14.00.
• Despite the upgrade, Rivian received mixed ratings from various analysts, with the consensus rating remaining "Hold" and an average target price of $13.72.
• In recent insider trades, CFO Claire Mcdonough and CEO Robert J. Scaringe sold shares of Rivian, reducing their positions by 0.91% and 1.31%, respectively.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price traded up 1.7% during mid-day trading on Wednesday after Mizuho raised their price target on the stock from $12.00 to $14.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.95 and last traded at $15.79. 50,511,455 shares traded hands during trading, an increase of 40% from the average session volume of 35,987,676 shares. The stock had previously closed at $15.53.

A number of other equities analysts also recently weighed in on RIVN. UBS Group dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen downgraded shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Stifel Nicolaus dropped their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $13.72.

Insider Activity

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the transaction, the chief financial officer owned 789,445 shares of the company's stock, valued at $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares of the company's stock, valued at $18,426,870. This trade represents a 1.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Norges Bank acquired a new stake in shares of Rivian Automotive during the second quarter worth approximately $105,629,000. Vanguard Group Inc. grew its stake in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares during the last quarter. Nuveen LLC bought a new stake in shares of Rivian Automotive during the first quarter valued at approximately $33,582,000. AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker's stock valued at $31,490,000 after purchasing an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker's stock valued at $28,281,000 after purchasing an additional 1,916,686 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The company's 50 day moving average price is $13.28 and its 200 day moving average price is $13.17. The firm has a market capitalization of $19.16 billion, a P/E ratio of -4.89 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the company earned ($1.46) earnings per share. Rivian Automotive's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal 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.

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