Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.9% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was up 3.9% on Thursday after Mizuho raised their price target on the stock from $10.00 to $11.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as high as $13.30 and last traded at $13.22. Approximately 9,331,649 shares traded hands during trading, a decline of 74% from the average daily volume of 36,141,480 shares. The stock had previously closed at $12.72.

RIVN has been the subject of several other reports. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. UBS Group upped their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday. Wells Fargo & Company decreased their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price objective for the company. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $13.99.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock valued at $2,154,905 in the last ninety days. Insiders own 2.51% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Charles Schwab Investment Management Inc. boosted its position in shares of Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after buying an additional 133,781 shares during the period. Mountain Hill Investment Partners Corp. purchased a new position in Rivian Automotive during the 4th quarter valued at $1,363,000. Groupama Asset Managment bought a new position in Rivian Automotive in the 4th quarter valued at $26,600,000. SG Americas Securities LLC increased its stake in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after purchasing an additional 54,053 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Rivian Automotive during the fourth quarter worth $10,448,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Price Performance

The stock has a market capitalization of $14.69 billion, a PE ratio of -2.75 and a beta of 1.86. The stock's 50 day moving average price is $11.88 and its 200-day moving average price is $12.28. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. As a group, equities analysts forecast 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.

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