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

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded up 3.8% during trading 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 changed hands during trading, a decline of 31% from the average session volume of 41,409,781 shares. The stock had previously closed at $14.44.

A number of other brokerages also recently commented on RIVN. Wells Fargo & Company decreased their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a research note on Monday, January 6th. The Goldman Sachs Group increased their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Barclays cut their price objective on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $15.48.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the period. International Assets Investment Management LLC boosted its stake in Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the period. Mizuho Markets Americas LLC boosted its stake in Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares during the period. Vontobel Holding Ltd. grew its holdings in Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after buying an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC raised its position in shares of Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after buying an additional 148,197 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

The firm’s fifty day moving average price is $12.96 and its 200 day moving average price is $13.06. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock has a market cap of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05.

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.