Rivian Automotive (NASDAQ:RIVN) Trading 3.8% Higher After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price shot up 3.8% during mid-day trading on Friday after UBS Group raised their price target on the stock from $11.00 to $14.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.34 and last traded at $15.00. 28,502,685 shares were traded during mid-day trading, a decline of 31% from the average session volume of 41,409,781 shares. The stock had previously closed at $14.44.

RIVN has been the subject of a number of other reports. Stifel Nicolaus cut their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Robert W. Baird reissued a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group lowered their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RIVN. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive during the third quarter valued at approximately $28,000. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. American Capital Advisory LLC boosted its position in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Rivian Automotive during the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The business has a 50 day simple moving average of $12.96 and a 200 day simple moving average of $13.06.

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.