Rivian Automotive (NASDAQ:RIVN) Shares Up 8.8% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded up 8.8% during mid-day trading on Thursday after UBS Group raised their price target on the stock from $16.00 to $17.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $18.23 and last traded at $18.12. Approximately 83,707,487 shares were traded during trading, an increase of 162% from the average daily volume of 31,892,623 shares. The stock had previously closed at $16.66.

A number of other analysts also recently weighed in on the stock. DA Davidson increased their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a research note on Friday, May 1st. Jefferies Financial Group increased their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price target on shares of Rivian Automotive in a research report on Monday, April 6th. Finally, Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $18.81.

Insider Activity

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $15.00, for a total transaction of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,076 shares of company stock worth $1,656,286 in the last 90 days. Corporate insiders own 1.48% of the company’s stock.

Trending Headlines about Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: BNP Paribas Exane raised its price target on Rivian to $24 from $22 and kept an outperform rating, signaling confidence that the stock still has meaningful upside.
• Positive Sentiment: Rivian recently broke above its 20-day moving average, which technical traders often view as a short-term bullish signal and a sign the stock may be stabilizing after the recent drop.
• Neutral Sentiment: Rivian completed pricing for a 75 million-share offering at $15.50 per share, raising about $1.2 billion in gross proceeds. The capital should help fund manufacturing scale-up, debt-related needs, and the R2 launch, but it also adds dilution for existing shareholders. Rivian Automotive, Inc. Announces Pricing of Underwritten Public Offering of Common Stock
• Neutral Sentiment: Rivian’s director Karen Boone sold 20,000 shares in a pre-arranged 10b5-1 plan, which is not usually a strong negative signal by itself, but it may add to investor caution. Rivian Automotive (NASDAQ:RIVN) Director Karen Boone Sells 20,000 Shares of Stock
• Negative Sentiment: The biggest headwind is dilution risk from the new equity sale, which has prompted concern that Rivian still needs outside capital to support growth and cover ongoing cash burn.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC bought a new position in Rivian Automotive during the 4th quarter worth about $27,000. SOA Wealth Advisors LLC. increased its holdings in Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $31,000. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at about $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Trading Up 8.8%

The company has a market capitalization of $22.49 billion, a P/E ratio of -6.21 and a beta of 1.60. The business has a fifty day moving average price of $15.71 and a 200 day moving average price of $16.26. The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.05. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.Rivian Automotive’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.48) earnings per share. On average, analysts expect that Rivian Automotive, Inc. will post -3.09 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

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.