Rivian Automotive (NASDAQ:RIVN) Trading 3.5% Higher Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 3.5% during trading on Monday after Barclays raised their price target on the stock from $10.00 to $14.00. Barclays currently has an equal weight rating on the stock. Rivian Automotive traded as high as $14.38 and last traded at $13.89. 29,693,555 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 43,067,152 shares. The stock had previously closed at $13.42.

A number of other brokerages also recently commented on RIVN. UBS Group increased their price target on shares of Rivian Automotive from $10.00 to $17.00 and gave the company a “neutral” rating in a report on Friday. DA Davidson raised their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. Jefferies Financial Group began coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Royal Bank of Canada raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Monday. 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.04.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ancora Advisors LLC purchased a new position in Rivian Automotive in the third quarter valued at $27,000. Bear Mountain Capital Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $26,000. Principal Securities Inc. purchased a new position in Rivian Automotive in the fourth quarter valued at $33,000. Arlington Trust Co LLC purchased a new position in Rivian Automotive in the fourth quarter valued at $35,000. Finally, Fairman Group LLC purchased a new position in Rivian Automotive in the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 3.4 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The business’s fifty day simple moving average is $10.68 and its two-hundred day simple moving average is $13.44. The company has a market cap of $13.81 billion, a PE ratio of -2.41 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last released 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). The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. On average, analysts predict that Rivian Automotive, Inc. will post -4.93 earnings per share for the current year.

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.