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

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price rose 1.4% during trading on Thursday after Truist Financial raised their price target on the stock from $12.00 to $14.00. Truist Financial currently has a hold rating on the stock. Rivian Automotive traded as high as $14.54 and last traded at $14.13. Approximately 15,451,670 shares traded 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 research firms also recently issued reports on RIVN. Piper Sandler decreased their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, November 11th. The Goldman Sachs Group raised their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $15.57.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The stock was 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 in the company, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 in the last three months. 2.51% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Rivian Automotive in the 2nd quarter worth approximately $9,388,000. Finally, abrdn plc grew its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Stock Up 1.1 %

The stock has a market capitalization of $14.39 billion, a P/E ratio of -2.52 and a beta of 2.05. The firm’s fifty day moving average is $12.80 and its 200-day moving average is $13.06. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

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.