Rivian Automotive (NASDAQ:RIVN) Trading Up 4.7% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 4.7% on Tuesday 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 $14.82 and last traded at $14.58. Approximately 29,451,636 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 43,284,078 shares. The stock had previously closed at $13.92.

Other equities analysts have also issued research reports about the company. Mizuho decreased their target price 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. Royal Bank of Canada boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “sector perform” rating in a research note on Monday. DA Davidson boosted their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Guggenheim started coverage on Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target for the company. Finally, Cantor Fitzgerald boosted their price target on Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.04.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was 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 directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD raised its holdings in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares during the period. Norges Bank purchased a new stake in Rivian Automotive during the 4th quarter valued at $129,427,000. Finally, Vanguard Group Inc. raised its holdings in Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 7.0 %

The company has a fifty day moving average of $10.90 and a two-hundred day moving average of $13.32. The company has a market cap of $14.82 billion, a PE ratio of -2.58 and a beta of 2.07. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. As a group, analysts anticipate that Rivian Automotive, Inc. will post -4.93 earnings per share 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.