Rivian Automotive (NASDAQ:RIVN) Stock Price Up 26.1% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shot up 26.1% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $15.00 to $19.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rivian Automotive traded as high as $16.35 and last traded at $15.08. 129,823,906 shares changed hands during trading, an increase of 214% from the average session volume of 41,283,902 shares. The stock had previously closed at $11.96.

RIVN has been the subject of several other reports. Morgan Stanley lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $15.00 to $21.00 in a research report on Friday, March 15th. Wells Fargo & Company reduced their price target on Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Wedbush raised their price target on Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Jefferies Financial Group started coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a “buy” rating and a $16.00 target price on the stock. 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.04.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD boosted its holdings in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after buying an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its holdings in Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. raised its stake in shares of Rivian Automotive by 714.3% in the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after acquiring an additional 22,194,018 shares during the period. Morgan Stanley lifted its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after acquiring an additional 5,937,605 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 26.1 %

The company’s 50 day moving average is $10.35 and its 200 day moving average is $13.54. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a market cap of $15.01 billion, a PE ratio of -2.61 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates 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%. As a group, analysts predict that Rivian Automotive, Inc. will post -4.94 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.