Rivian Automotive (NASDAQ:RIVN) Stock Rating Upgraded by Exane BNP Paribas

Rivian Automotive (NASDAQ:RIVNGet Rating) was upgraded by investment analysts at Exane BNP Paribas from an “underperform” rating to a “neutral” rating in a research note issued to investors on Thursday, The Fly reports.

Several other research analysts have also recently commented on RIVN. Morgan Stanley reaffirmed a “buy” rating and set a $85.00 target price (down from $147.00) on shares of Rivian Automotive in a report on Friday, March 11th. Zacks Investment Research cut shares of Rivian Automotive from a “hold” rating to a “sell” rating in a report on Thursday. BNP Paribas raised shares of Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 target price on the stock in a report on Thursday. Piper Sandler decreased their target price on shares of Rivian Automotive from $112.00 to $108.00 in a research note on Thursday. Finally, Wells Fargo & Company decreased their target price on shares of Rivian Automotive from $40.00 to $24.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Buy” and an average target price of 74.59.

Shares of RIVN stock opened at 26.70 on Thursday. The stock’s 50 day moving average is 38.59. The company has a debt-to-equity ratio of 0.06, a current ratio of 14.14 and a quick ratio of 13.93. Rivian Automotive has a 12-month low of 19.25 and a 12-month high of 179.47.

Rivian Automotive (NASDAQ:RIVNGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The electric vehicle automaker reported -1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of -1.46 by 0.03. On average, sell-side analysts anticipate that Rivian Automotive will post -6.37 EPS for the current fiscal year.

In related news, major shareholder Motor Co Ford sold 7,000,000 shares of the company’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of 26.88, for a total transaction of 188,160,000.00. Following the sale, the insider now directly owns 86,947,494 shares in the company, valued at approximately 2,337,148,638.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Several hedge funds have recently made changes to their positions in the stock. Northern Trust Corp lifted its stake in shares of Rivian Automotive by 9.4% during the 1st quarter. Northern Trust Corp now owns 956,373 shares of the electric vehicle automaker’s stock valued at $48,048,000 after buying an additional 82,329 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rivian Automotive by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 357,328 shares of the electric vehicle automaker’s stock valued at $17,952,000 after buying an additional 20,902 shares in the last quarter. Utah Retirement Systems lifted its stake in Rivian Automotive by 250.7% in the 1st quarter. Utah Retirement Systems now owns 26,300 shares of the electric vehicle automaker’s stock worth $1,321,000 after purchasing an additional 18,800 shares in the last quarter. Mariner LLC purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $524,000. Finally, Parkwood LLC purchased a new stake in Rivian Automotive in the 1st quarter worth approximately $336,000. Institutional investors own 78.67% of the company’s stock.

Rivian Automotive Company Profile (Get Rating)

Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

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