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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares gapped up before the market opened 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.

RIVN has been the topic of a number of other reports. UBS Group lifted their price objective on Rivian Automotive from $10.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday. Wedbush upped their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Canaccord Genuity Group increased their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley restated an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Finally, Truist Financial increased their price target on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday, June 26th. One equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.04.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. boosted 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 worth $277,046,000 after acquiring an additional 22,194,018 shares during the last quarter. Morgan Stanley grew its stake in shares of Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after acquiring an additional 1,193,650 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Rivian Automotive by 1,521.2% during the first 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 purchasing an additional 5,937,605 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 5.7 %

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’s fifty day moving average is $10.78 and its two-hundred day moving average is $13.38. The firm has a market capitalization of $14.65 billion, a PE ratio of -2.45 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last posted 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). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. On average, equities analysts predict that Rivian Automotive, Inc. will post -4.93 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.