Rivian Automotive (NASDAQ:RIVN) Shares Gap Up on Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) gapped up before the market opened on Wednesday after Cantor Fitzgerald raised their price target on the stock from $15.00 to $19.00. The stock had previously closed at $11.96, but opened at $16.33. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive shares last traded at $15.59, with a volume of 109,785,875 shares trading hands.

Several other research firms have also recently commented on RIVN. Wells Fargo & Company cut their target price on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and increased their target price for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Wedbush boosted their price target on Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. Mizuho reduced their price objective on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Finally, UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.04.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. Westwood Holdings Group Inc. lifted its stake in shares of Rivian Automotive by 240.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after purchasing an additional 193,345 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Rivian Automotive by 2.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after purchasing an additional 9,508 shares during the last quarter. EULAV Asset Management grew its stake in shares of Rivian Automotive by 33.3% during the first quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after purchasing an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Rivian Automotive by 571.5% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after purchasing an additional 428,050 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Up 30.4 %

The firm has a 50 day simple moving average of $10.35 and a two-hundred day simple moving average of $13.54. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Research analysts anticipate that Rivian Automotive, Inc. will post -4.94 EPS for the current year.

Rivian Automotive Company Profile

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.