Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.8% on Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 3.8% on Friday after UBS Group raised their price target on the stock from $11.00 to $14.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.34 and last traded at $15.00. 28,502,685 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 41,409,781 shares. The stock had previously closed at $14.44.

Other research analysts also recently issued reports about the company. Guggenheim dropped their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a research report on Friday, November 8th. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $13.00 in a report on Friday, November 8th. Finally, Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $15.48.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total transaction of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 327,429 shares of company stock valued at $4,467,450. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the 3rd quarter valued at about $28,000. GHP Investment Advisors Inc. raised its stake in Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC lifted its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. grew its stake in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Rivian Automotive in the 3rd quarter worth $44,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $15.30 billion, a PE ratio of -2.68 and a beta of 2.05. The company’s 50-day moving average price is $12.89 and its two-hundred day moving average price is $13.07.

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.