Rivian Automotive (NASDAQ:RIVN) Sets New 1-Year High on Analyst Upgrade

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) reached a new 52-week high on Friday after The Goldman Sachs Group raised their price target on the stock from $13.00 to $16.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $19.25 and last traded at $19.3390, with a volume of 34599318 shares changing hands. The stock had previously closed at $16.43.

Other equities analysts have also issued research reports about the company. Cfra Research upgraded Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, October 20th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Tigress Financial raised their target price on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $21.00 price target on shares of Rivian Automotive in a report on Friday, October 3rd. Six research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $14.86.

Insider Transactions at Rivian Automotive

In related news, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares in the company, valued at approximately $13,140,306. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 133,949 shares of company stock worth $2,191,119. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC increased its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after buying an additional 3,864 shares during the period. Townsquare Capital LLC raised its holdings in Rivian Automotive by 25.6% during the 1st quarter. Townsquare Capital LLC now owns 37,335 shares of the electric vehicle automaker’s stock worth $465,000 after buying an additional 7,604 shares during the period. Nuveen LLC acquired a new position in Rivian Automotive in the 1st quarter worth approximately $33,582,000. HighTower Advisors LLC grew its holdings in shares of Rivian Automotive by 21.9% during the first quarter. HighTower Advisors LLC now owns 97,633 shares of the electric vehicle automaker’s stock valued at $1,216,000 after buying an additional 17,551 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. increased its holdings in shares of Rivian Automotive by 4.7% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 235,571 shares of the electric vehicle automaker’s stock valued at $2,932,000 after purchasing an additional 10,595 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Up 12.1%

The business’s 50 day simple moving average is $14.97 and its 200-day simple moving average is $14.06. The company has a market cap of $22.58 billion, a price-to-earnings ratio of -5.92 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71.

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.