Rivian Automotive (NASDAQ:RIVN) Trading 3.8% Higher on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 3.8% during trading on Friday after UBS Group raised their price target on the stock from $11.00 to $14.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.34 and last traded at $15.00. Approximately 28,502,685 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 41,409,781 shares. The stock had previously closed at $14.44.

Other equities analysts have also issued reports about the stock. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Royal Bank of Canada dropped their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Mizuho reduced their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Barclays lowered their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Benchmark assumed coverage on Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $15.48.

Insider Activity

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,429 shares of company stock worth $4,467,450. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the stock. John G Ullman & Associates Inc. raised its holdings in Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. raised its position in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. Intech Investment Management LLC lifted its stake in shares of Rivian Automotive by 1.4% in the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after purchasing an additional 1,055 shares during the period. Tradition Wealth Management LLC boosted its position in shares of Rivian Automotive by 11.9% during the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC boosted its position in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock valued at $262,000 after purchasing an additional 1,281 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The stock has a fifty day simple moving average of $12.89 and a two-hundred day simple moving average of $13.07. The firm has a market capitalization of $15.30 billion, a P/E ratio of -2.68 and a beta of 2.05.

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.