Rivian Automotive (NASDAQ:RIVN) Shares Up 3.5% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) traded up 3.5% 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.

A number of other research firms also recently weighed in on RIVN. Piper Sandler restated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Cantor Fitzgerald upped their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. Morgan Stanley reissued an “overweight” rating and issued a $13.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Finally, The Goldman Sachs Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.04.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD boosted its stake 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 purchasing an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter worth about $129,427,000. Finally, Vanguard Group Inc. raised its position in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after buying an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Up 7.0 %

The company’s 50 day simple moving average is $10.90 and its 200-day simple moving average is $13.32. The firm has a market cap of $14.82 billion, a P/E ratio of -2.58 and a beta of 2.07. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data 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). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Research analysts forecast that Rivian Automotive, Inc. will post -4.93 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.