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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) were up 1.4% 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 were traded 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.

Other research analysts also recently issued reports about the company. Guggenheim reduced their target price on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Barclays reduced their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. 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. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $13.00 in a research note on Wednesday, September 25th. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.57.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock worth $4,467,450 over the last three months. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIVN. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the 3rd quarter worth approximately $28,000. GHP Investment Advisors Inc. boosted its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised its position in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. increased its position in Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Rivian Automotive in the third quarter valued at approximately $44,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Up 1.1 %

The stock has a 50-day moving average of $12.80 and a 200-day moving average of $13.06. The company has a market cap of $14.39 billion, a PE ratio of -2.52 and a beta of 2.05. The company has a quick ratio of 3.70, a current ratio of 5.09 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.