Rivian Automotive (NASDAQ:RIVN) Stock Price Up 2.3% Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price rose 2.3% during trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $16.00 to $18.00. Stifel Nicolaus currently has a buy rating on the stock. Rivian Automotive traded as high as $15.15 and last traded at $14.98. Approximately 13,072,334 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 36,173,277 shares. The stock had previously closed at $14.64.

RIVN has been the topic of several other reports. Barclays boosted their target price on Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Sanford C. Bernstein initiated coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. Bank of America downgraded Rivian Automotive from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Wednesday, May 7th. Finally, Benchmark reissued a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $14.08.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,427 shares of company stock valued at $2,154,905. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $25,000. PFS Partners LLC boosted its holdings in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the period. Bank of Jackson Hole Trust purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the 3rd quarter worth approximately $28,000. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Trading Up 2.4%

The stock has a market cap of $16.95 billion, a PE ratio of -3.18 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a fifty day moving average price of $12.05 and a 200 day moving average price of $12.39.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.