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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped up prior to trading on Tuesday after Barclays raised their price target on the stock from $10.00 to $14.00. The stock had previously closed at $13.92, but opened at $14.27. Barclays currently has an equal weight rating on the stock. Rivian Automotive shares last traded at $14.42, with a volume of 5,518,428 shares traded.

Several other analysts also recently issued reports on the stock. Cantor Fitzgerald upped their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Wells Fargo & Company lowered their price target on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Guggenheim assumed coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.04.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the business. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive during the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC increased its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. Principal Securities Inc. acquired a new stake in Rivian Automotive in the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the first quarter worth approximately $33,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

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 firm has a market capitalization of $14.65 billion, a P/E ratio of -2.45 and a beta of 2.07. The company’s 50 day moving average price is $10.78 and its 200 day moving average price is $13.38.

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 the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during 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%. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.93 EPS for the current fiscal 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.