Rivian Automotive (NASDAQ:RIVN) Trading Up 12.1% Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN) was up 12.1% 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 $19.60 and last traded at $18.42. Approximately 103,226,340 shares changed hands during trading, an increase of 166% from the average daily volume of 38,795,945 shares. The stock had previously closed at $16.43.

A number of other research firms also recently issued reports on RIVN. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Canaccord Genuity Group restated a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research report on Friday, October 3rd. JPMorgan Chase & Co. lifted their price target on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Monday, October 20th. Mizuho reissued an “underperform” rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Finally, Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Six equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus price target of $14.86.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the transaction, the chief financial officer owned 730,017 shares in the company, valued at $13,140,306. This represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the completion of the sale, the chief executive officer directly owned 1,167,559 shares of the company’s stock, valued at approximately $20,467,309.27. The trade was a 1.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 133,949 shares of company stock valued at $2,191,119. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the stock. Assetmark Inc. raised its stake in shares of Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. Banque Transatlantique SA raised its holdings in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 2,243 shares during the period. Newbridge Financial Services Group Inc. lifted its position in Rivian Automotive by 113.6% during 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 stake in Rivian Automotive during the third quarter valued at about $30,000. Finally, Fairman Group LLC acquired a new stake in shares of Rivian Automotive in the second quarter valued at about $31,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Trading Up 12.1%

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

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.