Rivian Automotive (NASDAQ:RIVN) Stock Price Up 26.1% Following Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose 26.1% during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $14.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Rivian Automotive traded as high as $16.35 and last traded at $15.08. Approximately 129,823,906 shares traded hands during mid-day trading, an increase of 214% from the average daily volume of 41,283,902 shares. The stock had previously closed at $11.96.

Several other research analysts also recently commented on RIVN. Truist Financial increased their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a report on Wednesday. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday. They set a “buy” rating and a $18.00 price target for the company. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research note on Tuesday, April 16th. Morgan Stanley lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Finally, Jefferies Financial Group started coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They issued a “buy” rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and an average target price of $19.17.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction 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 $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

Rivian Automotive Trading Down 1.8 %

The stock has a 50-day simple moving average of $10.59 and a 200 day simple moving average of $13.56. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a market cap of $14.40 billion, a price-to-earnings ratio of -2.51 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -4.94 EPS for the current fiscal 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.