Rivian Automotive (NASDAQ:RIVN) Trading Up 1.8% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded up 1.8% on Friday after Mizuho raised their price target on the stock from $11.00 to $13.00. Mizuho currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.69 and last traded at $15.58. 10,340,346 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 35,950,466 shares. The stock had previously closed at $15.30.

Other equities research analysts have also recently issued reports about the company. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Guggenheim reissued a "buy" rating and issued a $16.00 price objective on shares of Rivian Automotive in a research report on Tuesday, May 6th. Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday. Wells Fargo & Company reduced their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. cut their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $14.24.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. This trade represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,364 shares of company stock worth $2,303,960 in the last 90 days. Corporate insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently modified their holdings of the business. Larson Financial Group LLC raised its position in Rivian Automotive by 7.4% in the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after buying an additional 722 shares during the last quarter. Brown Advisory Inc. raised its position in Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after buying an additional 772 shares during the last quarter. First National Trust Co raised its position in Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after buying an additional 800 shares during the last quarter. Dimension Capital Management LLC raised its position in Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock valued at $208,000 after buying an additional 819 shares during the last quarter. Finally, Tradition Wealth Management LLC increased its position in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after purchasing an additional 849 shares during the last quarter. Institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

The stock has a market cap of $17.76 billion, a price-to-earnings ratio of -3.33 and a beta of 1.86. The company has a 50-day simple moving average of $12.29 and a two-hundred day simple moving average of $12.46. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current 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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