Rivian Automotive (NASDAQ:RIVN) Trading Up 1.9% Following Analyst Upgrade

Key Points

• Rivian Automotive's stock price increased by 1.9% following an upgrade from Mizuho, which raised their price target from $12.00 to $14.00.
• Analyst ratings for Rivian are mixed, with five Buy, sixteen Hold, and three Sell ratings, positioning the consensus rating at “Hold” with an average target price of $13.72.
• Insider trading activity includes CFO Claire Mcdonough selling 7,247 shares and CEO Robert J. Scaringe selling 17,450 shares, reflecting a decrease in their ownership stakes.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price was up 1.9% during trading on Tuesday 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 $15.70 and last traded at $15.53. Approximately 53,668,742 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 35,919,000 shares. The stock had previously closed at $15.24.

Other research analysts have also issued reports about the company. Wedbush reduced their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen cut shares of Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. UBS Group cut their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Monday, August 25th. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $13.72.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on 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 in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,147 shares of company stock valued at $577,593 over the last ninety days. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in RIVN. Brighton Jones LLC grew its holdings in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after buying an additional 3,864 shares in the last quarter. Siemens Fonds Invest GmbH purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at about $145,000. PKO Investment Management Joint Stock Co purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at about $479,000. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at about $3,198,000. Finally, AdvisorNet Financial Inc grew its holdings in shares of Rivian Automotive by 81.4% in the first quarter. AdvisorNet Financial Inc now owns 3,792 shares of the electric vehicle automaker's stock valued at $47,000 after purchasing an additional 1,702 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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 stock's fifty day moving average is $13.22 and its 200-day moving average is $13.15. The stock has a market cap of $18.84 billion, a PE ratio of -4.81 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.65) by ($0.32). The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.46) EPS. As a group, equities analysts anticipate 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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