Rivian Automotive (NASDAQ:RIVN) Rating Increased to Outperform at Robert W. Baird

Rivian Automotive (NASDAQ:RIVN) was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a $25.00 price target on the electric vehicle automaker’s stock, up from their prior price target of $14.00. Robert W. Baird’s target price would suggest a potential upside of 41.80% from the company’s current price.

Several other brokerages have also commented on RIVN. Needham & Company LLC raised their price objective on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. The Goldman Sachs Group raised their target price on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Stifel Nicolaus upped their price target on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 17th. Tigress Financial increased their price objective on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of Rivian Automotive in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.34.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $17.63 on Thursday. The stock has a market cap of $21.61 billion, a P/E ratio of -5.67 and a beta of 1.79. The firm’s fifty day simple moving average is $15.26 and its 200 day simple moving average is $14.13. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $19.60. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the business earned ($1.08) EPS. The company’s revenue for the quarter was up 78.3% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, Director Peter Krawiec sold 3,655 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the completion of the transaction, the chief financial officer directly owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. This represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 120,154 shares of company stock valued at $2,017,909. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

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

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.