Rivian Automotive (NASDAQ:RIVN) Stock Price Up 1.4% Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 1.4% on Thursday 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 $14.54 and last traded at $14.13. Approximately 15,451,670 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 40,658,148 shares. The stock had previously closed at $13.94.

A number of other equities analysts have also weighed in on RIVN. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Royal Bank of Canada cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, Piper Sandler cut their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.48.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,429 shares of company stock worth $4,467,450 in the last ninety days. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the 3rd quarter valued at approximately $28,000. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% during the 3rd 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 during the last quarter. American Capital Advisory LLC raised its position in Rivian Automotive by 267.6% during the 3rd 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. raised its position in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in Rivian Automotive during the 3rd quarter valued at approximately $44,000. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The firm has a market cap of $14.74 billion, a P/E ratio of -2.58 and a beta of 2.05. The business has a 50-day simple moving average of $12.89 and a 200 day simple moving average of $13.07. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

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.