Rivian Automotive (NASDAQ:RIVN) Trading 1.1% Higher Following Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 1.1% during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $12.00 to $13.00. Morgan Stanley currently has an underweight rating on the stock. Rivian Automotive traded as high as $17.65 and last traded at $17.50. Approximately 30,950,790 shares were traded during mid-day trading, a decline of 3% from the average session volume of 32,002,617 shares. The stock had previously closed at $17.31.

RIVN has been the subject of a number of other reports. DA Davidson boosted their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. TD Cowen restated a “buy” rating and issued a $20.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a report on Monday, June 15th. Wall Street Zen raised Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $18.86.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at approximately $13,834,290. This represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the completion of the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. The trade was a 0.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 78,630 shares of company stock worth $1,309,504. 1.48% of the stock is owned by company insiders.

Key Rivian Automotive News

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

• Positive Sentiment: California’s new EV rebate program could support Rivian by making some of its vehicles more affordable for first-time buyers, improving demand prospects in a major EV market. California’s new EV incentive gives a leg up to Lucid and Rivian
• Positive Sentiment: Analysts are watching Rivian’s upcoming Q2 earnings, but the bigger catalyst may be management’s update on R2 demand, which could shape sentiment if early reservations or production plans look strong. Rivian Stock Volatility Won’t Be Tamed by Earnings
• Neutral Sentiment: Coverage of Rivian-backed e-bike startup ALSO highlights the company’s broader mobility ambitions, but it is not likely to be a major near-term driver for the stock. Inside ALSO, the Rivian-backed e-bike startup
• Neutral Sentiment: General commentary on Rivian’s earnings outlook and auto-sector screening tools does not add a strong new catalyst on its own. Why Investors Need to Take Advantage of These 2 Auto, Tires and Trucks Stocks Now
• Negative Sentiment: Morgan Stanley raised its price target on Rivian to $13 from $12, but kept an underweight rating, signaling continued skepticism and implying downside versus the current share price. Morgan Stanley price target update via Benzinga
• Negative Sentiment: Articles focused on Rivian after the R2 launch and large share offering suggest investors remain concerned about dilution and whether the new model can translate into sustained demand. Eyes on Rivian Automotive after R2 launch and large share offering

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new stake in Rivian Automotive in the fourth quarter worth about $27,000. SOA Wealth Advisors LLC. increased its position in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after buying an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Rivian Automotive in the third quarter worth about $31,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Rivian Automotive in the fourth quarter worth about $33,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Trading Up 1.1%

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a market capitalization of $21.72 billion, a PE ratio of -5.99 and a beta of 1.60. The stock has a 50-day moving average price of $15.79 and a two-hundred day moving average price of $16.17.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative net margin of 63.62% and a negative return on equity of 75.65%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm posted ($0.48) EPS. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.07 earnings per share for the current 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.