Rivian Automotive (NASDAQ:RIVN) Stock Price Up 5.8% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 5.8% during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $21.00 to $22.00. Canaccord Genuity Group currently has a buy rating on the stock. Rivian Automotive traded as high as $16.32 and last traded at $15.77. 37,267,279 shares were traded during mid-day trading, an increase of 17% from the average session volume of 31,805,371 shares. The stock had previously closed at $14.91.

Several other research analysts have also recently weighed in on RIVN. Needham & Company LLC upped their price objective on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Evercore reissued an “outperform” rating on shares of Rivian Automotive in a research report on Monday, December 15th. Wall Street Zen cut Rivian Automotive from a “hold” rating to a “strong sell” rating in a research note on Sunday, February 15th. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and upped their price target for the stock from $15.00 to $16.00 in a research report on Friday, February 13th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 price target on shares of Rivian Automotive in a research note on Monday, December 8th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.05.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $15.60, for a total value of $272,220.00. Following the completion of the sale, the chief executive officer directly owned 1,042,848 shares of the company’s stock, valued at $16,268,428.80. This trade represents a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 27,133 shares of Rivian Automotive stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares of the company’s stock, valued at $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 149,283 shares of company stock worth $2,570,949. 2.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in RIVN. Vanguard Group Inc. raised its position in shares of Rivian Automotive by 3.3% in the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares during the period. Capital International Investors boosted its holdings in shares of Rivian Automotive by 13.2% during the 4th quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock worth $409,374,000 after buying an additional 2,418,717 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Rivian Automotive by 32.4% during the 4th quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock worth $323,195,000 after buying an additional 4,012,386 shares during the period. Geode Capital Management LLC grew its stake in Rivian Automotive by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 14,782,865 shares of the electric vehicle automaker’s stock valued at $290,568,000 after buying an additional 59,503 shares during the last quarter. Finally, Norges Bank acquired a new position in Rivian Automotive in the 4th quarter valued at about $220,323,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company’s fifty day simple moving average is $15.70 and its two-hundred day simple moving average is $15.86. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The stock has a market capitalization of $19.57 billion, a P/E ratio of -5.14 and a beta of 1.74.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.14. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business’s revenue was down 25.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.70) earnings per share. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.