Rivian Automotive (NASDAQ:RIVN) Trading 3.5% Higher on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares shot up 3.5% during mid-day trading on Monday 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 $14.38 and last traded at $13.89. 29,693,555 shares changed hands during trading, a decline of 31% from the average session volume of 43,067,152 shares. The stock had previously closed at $13.42.

Several other analysts have also recently commented on RIVN. Piper Sandler restated an “overweight” rating and issued a $21.00 price target on shares of Rivian Automotive in a report on Wednesday, June 26th. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $13.00 to $20.00 and gave the company a “buy” rating in a report on Friday, June 28th. Cantor Fitzgerald upped their price objective on Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Mizuho reduced their target price on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Finally, Morgan Stanley restated an “overweight” rating and set a $13.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Moderate Buy” and an average price target of $19.04.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Tuesday, June 25th. The shares were 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 owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $26,000. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC lifted its position in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new position in Rivian Automotive during the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. bought a new position in Rivian Automotive in the 1st quarter worth about $33,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 7.0 %

The firm’s 50 day simple moving average is $10.90 and its 200 day simple moving average is $13.32. The company has a market cap of $14.82 billion, a price-to-earnings ratio of -2.58 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.

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). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.93 EPS for the current fiscal year.

About Rivian Automotive

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.