Rivian Automotive (NASDAQ:RIVN) Trading 5.8% Higher After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 5.8% during mid-day trading on Monday after Canaccord Genuity Group raised their price target on the stock from $21.00 to $22.00. Canaccord Genuity Group currently has a buy rating on the stock. Rivian Automotive traded as high as $16.32 and last traded at $15.77. 37,267,279 shares were traded during mid-day trading, an increase of 17% from the average session volume of 31,805,371 shares. The stock had previously closed at $14.91.

A number of other research firms also recently weighed in on RIVN. DA Davidson downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $15.00 to $14.00 in a report on Tuesday, February 17th. The Goldman Sachs Group upped their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Robert W. Baird raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $14.00 to $25.00 in a research report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research note on Thursday, January 22nd. Finally, TD Cowen raised shares of Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price objective for the company from $17.00 to $20.00 in a report on Tuesday, March 10th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.05.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $15.60, for a total transaction of $272,220.00. Following the completion of the sale, the chief executive officer directly owned 1,042,848 shares in the company, valued at $16,268,428.80. This represents a 1.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 27,133 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the sale, the chief financial officer directly owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 149,283 shares of company stock valued at $2,570,949 over the last 90 days. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its position in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock valued at $80,376,000 after buying an additional 799,030 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Rivian Automotive during the second quarter worth $1,324,000. Farther Finance Advisors LLC increased its holdings in shares of Rivian Automotive by 227.0% during the third quarter. Farther Finance Advisors LLC now owns 117,096 shares of the electric vehicle automaker’s stock worth $1,719,000 after buying an additional 81,291 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Rivian Automotive by 244.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 1,624,707 shares of the electric vehicle automaker’s stock valued at $23,851,000 after acquiring an additional 1,152,551 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Rivian Automotive by 211.0% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 265,600 shares of the electric vehicle automaker’s stock valued at $3,899,000 after acquiring an additional 180,200 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

The company has a market cap of $19.57 billion, a price-to-earnings ratio of -5.14 and a beta of 1.74. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The company has a fifty day moving average of $15.70 and a two-hundred day moving average of $15.86.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.14. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.The business’s revenue for the quarter was down 25.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.70) EPS. Equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.