Rivian Automotive (NASDAQ:RIVN) Trading 4.7% Higher Following Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 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. 29,451,636 shares changed hands during trading, a decline of 32% from the average session volume of 43,284,078 shares. The stock had previously closed at $13.92.

Several other brokerages have also commented on RIVN. Morgan Stanley reiterated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Piper Sandler restated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Monday. Truist Financial upped their price target on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group began coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective on the stock. 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.04.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’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 of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. raised its position in Rivian Automotive by 12.9% during the third quarter. Advisors Asset Management Inc. now owns 28,403 shares of the electric vehicle automaker’s stock worth $690,000 after acquiring an additional 3,247 shares during the last quarter. Lido Advisors LLC acquired a new stake in Rivian Automotive during the 3rd quarter valued at $258,000. Legal & General Group Plc increased its position in Rivian Automotive by 10.0% during the third quarter. Legal & General Group Plc now owns 3,935,314 shares of the electric vehicle automaker’s stock worth $95,549,000 after buying an additional 358,512 shares in the last quarter. Scotia Capital Inc. raised its holdings in shares of Rivian Automotive by 239.3% in the third quarter. Scotia Capital Inc. now owns 74,311 shares of the electric vehicle automaker’s stock worth $1,804,000 after acquiring an additional 52,407 shares during the last quarter. Finally, Royal London Asset Management Ltd. lifted its position in shares of Rivian Automotive by 36.7% in the third quarter. Royal London Asset Management Ltd. now owns 241,140 shares of the electric vehicle automaker’s stock valued at $5,858,000 after acquiring an additional 64,725 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Down 1.6 %

The firm has a market cap of $14.58 billion, a price-to-earnings ratio of -2.54 and a beta of 2.07. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $11.02 and a 200 day moving average of $13.33.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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). 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, research analysts forecast that Rivian Automotive, Inc. will post -4.87 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.