Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.1% Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price was up 1.1% on Tuesday after Morgan Stanley raised their price target on the stock from $12.00 to $13.00. Morgan Stanley currently has an underweight rating on the stock. Rivian Automotive traded as high as $17.65 and last traded at $17.50. 30,950,790 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 32,002,617 shares. The stock had previously closed at $17.31.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. DA Davidson upped their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Needham & Company LLC reiterated a “buy” rating and set a $23.00 target price on shares of Rivian Automotive in a report on Wednesday, June 10th. UBS Group boosted their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings raised Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $18.86.

Insider Buying and Selling at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer owned 887,007 shares in the company, valued at approximately $14,192,112. The trade was a 0.90% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 78,630 shares of company stock worth $1,309,504. 1.48% of the stock is owned by corporate insiders.

Key Headlines Impacting Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: California’s new EV rebate program could support Rivian by making some of its vehicles more affordable for first-time buyers, improving demand prospects in a major EV market. California’s new EV incentive gives a leg up to Lucid and Rivian
• Positive Sentiment: Analysts are watching Rivian’s upcoming Q2 earnings, but the bigger catalyst may be management’s update on R2 demand, which could shape sentiment if early reservations or production plans look strong. Rivian Stock Volatility Won’t Be Tamed by Earnings
• Neutral Sentiment: Coverage of Rivian-backed e-bike startup ALSO highlights the company’s broader mobility ambitions, but it is not likely to be a major near-term driver for the stock. Inside ALSO, the Rivian-backed e-bike startup
• Neutral Sentiment: General commentary on Rivian’s earnings outlook and auto-sector screening tools does not add a strong new catalyst on its own. Why Investors Need to Take Advantage of These 2 Auto, Tires and Trucks Stocks Now
• Negative Sentiment: Morgan Stanley raised its price target on Rivian to $13 from $12, but kept an underweight rating, signaling continued skepticism and implying downside versus the current share price. Morgan Stanley price target update via Benzinga
• Negative Sentiment: Articles focused on Rivian after the R2 launch and large share offering suggest investors remain concerned about dilution and whether the new model can translate into sustained demand. Eyes on Rivian Automotive after R2 launch and large share offering

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth $220,323,000. Renaissance Technologies LLC lifted its holdings in shares of Rivian Automotive by 32.4% during the fourth quarter. Renaissance Technologies LLC now owns 16,397,496 shares of the electric vehicle automaker’s stock valued at $323,195,000 after purchasing an additional 4,012,386 shares in the last quarter. Capital International Investors lifted its holdings in shares of Rivian Automotive by 13.2% during the fourth quarter. Capital International Investors now owns 20,769,844 shares of the electric vehicle automaker’s stock valued at $409,374,000 after purchasing an additional 2,418,717 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Rivian Automotive by 496.6% during the second quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after buying an additional 1,918,852 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Rivian Automotive by 1,353.6% during the second quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after buying an additional 1,916,686 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Price Performance

The firm has a fifty day moving average of $15.79 and a 200 day moving average of $16.17. The company has a market capitalization of $21.72 billion, a P/E ratio of -5.99 and a beta of 1.60. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.Rivian Automotive’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.48) EPS. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.07 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.