Rivian Automotive (NASDAQ:RIVN) Reaches New 12-Month High After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price reached a new 52-week high during mid-day trading 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 traded. The stock had previously closed at $17.63.

Other equities research analysts have also issued research reports about the company. DA Davidson lifted their price objective on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Evercore ISI reiterated an “outperform” rating on shares of Rivian Automotive in a research report on Monday. The Goldman Sachs Group upped their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Finally, Tigress Financial raised their price objective on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Eight investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.34.

Insider Transactions at Rivian Automotive

In related news, Director Peter Krawiec sold 3,655 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $19.45, for a total value of $71,089.75. Following the transaction, the director owned 29,122 shares of the company’s stock, valued at $566,422.90. This represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total value of $305,898.50. Following the sale, the chief executive officer directly owned 1,167,559 shares of the company’s stock, valued at approximately $20,467,309.27. This trade represents a 1.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 120,154 shares of company stock valued at $2,017,909. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its position in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the period. HighTower Advisors LLC increased its holdings in shares of Rivian Automotive by 21.9% in the first quarter. HighTower Advisors LLC now owns 97,633 shares of the electric vehicle automaker’s stock worth $1,216,000 after buying an additional 17,551 shares during the period. Versor Investments LP lifted its stake in shares of Rivian Automotive by 25.0% in the 1st quarter. Versor Investments LP now owns 28,000 shares of the electric vehicle automaker’s stock valued at $349,000 after acquiring an additional 5,600 shares during the last quarter. Northern Trust Corp boosted its holdings in Rivian Automotive by 11.2% during the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock valued at $100,195,000 after acquiring an additional 809,064 shares during the period. Finally, Quantbot Technologies LP bought a new position in Rivian Automotive during the 1st quarter worth approximately $406,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Trading Up 14.8%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The firm has a 50-day moving average of $15.26 and a 200-day moving average of $14.13. The firm has a market capitalization of $24.82 billion, a P/E ratio of -6.51 and a beta of 1.79.

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