Rivian Automotive (NASDAQ:RIVN) Reaches New 1-Year High Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) reached a new 52-week high on Thursday after Robert W. Baird upgraded the stock from a neutral rating to an outperform rating. Robert W. Baird now has a $25.00 price target on the stock, up from their previous price target of $14.00. Rivian Automotive traded as high as $20.13 and last traded at $20.1820, with a volume of 51915054 shares trading hands. The stock had previously closed at $17.63.

A number of other equities analysts have also issued reports on RIVN. Morgan Stanley restated an “underweight” rating and set a $12.00 target price on shares of Rivian Automotive in a research report on Monday, December 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a research note on Wednesday, October 8th. The Goldman Sachs Group boosted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Finally, DA Davidson increased their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.34.

Insiders Place Their Bets

In other news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the transaction, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer owned 1,246,405 shares of the company’s stock, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 120,154 shares of company stock valued at $2,017,909 in the last 90 days. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the period. Mather Group LLC. bought a new stake in shares of Rivian Automotive in the 3rd quarter valued at $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Rivian Automotive during the 3rd quarter valued at $31,000. Finally, Hemington Wealth Management lifted its position in shares of Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,580 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Performance

The stock has a market cap of $24.82 billion, a P/E ratio of -6.51 and a beta of 1.79. The company has a fifty day moving average price of $15.26 and a 200 day moving average price of $14.13. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.71) by $0.06. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm’s revenue for the quarter was up 78.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.08) earnings per share. On average, equities analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current 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.