Rivian Automotive (NASDAQ:RIVN) Trading 1.7% Higher Following Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price shot up 1.7% on Wednesday after Morgan Stanley raised their price target on the stock from $12.00 to $13.00. Morgan Stanley currently has an underweight rating on the stock. Rivian Automotive traded as high as $18.79 and last traded at $17.80. Approximately 29,070,955 shares traded hands during mid-day trading, a decline of 9% from the average session volume of 32,022,416 shares. The stock had previously closed at $17.50.

Several other equities research analysts have also recently weighed in on the company. Wall Street Zen upgraded Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Tigress Financial reiterated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research report on Friday, April 10th. UBS Group raised their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. Twelve research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $18.86.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,023 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer owned 887,007 shares in the company, valued at $14,192,112. The trade was a 0.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 78,630 shares of company stock valued at $1,309,504 over the last ninety days. 1.48% of the stock is owned by insiders.

Trending Headlines about Rivian Automotive

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: California’s new EV incentive could help Rivian by making eligible vehicles more affordable for first-time buyers, potentially supporting demand for certain models. California’s new EV incentive gives a leg up to Lucid and Rivian
• Positive Sentiment: Stifel Nicolaus reiterated its Buy rating on Rivian, signaling that at least one analyst still sees upside despite the recent selloff. Stifel Nicolaus Sticks to Its Buy Rating for Rivian Automotive (RIVN)
• Neutral Sentiment: Barclays and other market watchers say Rivian’s next major catalyst will be Q2 earnings and, more importantly, updates on demand for the new R2 model, which could affect sentiment but does not change fundamentals immediately. Rivian Stock Volatility Won’t Be Tamed by Earnings
• Neutral Sentiment: Rivian was also highlighted for outperforming the broader market recently, but those gains have been overshadowed by the latest capital-raise concerns. Rivian Automotive (RIVN) Surpasses Market Returns: Some Facts Worth Knowing
• Negative Sentiment: A new stock offering is the latest sign that Rivian may still need outside funding, which can dilute existing shareholders and weigh on the stock. Down 18%, Should You Buy Rivian Stock After Its Biggest 1-Day Drop Since November 2024?
• Negative Sentiment: Morgan Stanley raised its price target but kept an underweight rating, implying downside risk remains from current levels. Morgan Stanley price target and underweight rating

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. 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 purchasing an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new position in shares of Rivian Automotive during the fourth quarter valued at about $27,000. SOA Wealth Advisors LLC. increased its position in shares of Rivian Automotive by 894.2% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Rivian Automotive in the third quarter worth about $31,000. Finally, Zions Bancorporation National Association UT bought a new position in Rivian Automotive in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Up 1.7%

The company has a quick ratio of 1.64, a current ratio of 2.10 and a debt-to-equity ratio of 1.00. The company’s fifty day simple moving average is $15.85 and its 200 day simple moving average is $16.15. The firm has a market capitalization of $22.09 billion, a PE ratio of -6.10 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the firm posted ($0.48) EPS. The business’s revenue was up 11.4% on a year-over-year basis. Analysts anticipate that Rivian Automotive, Inc. will post -3.07 earnings per share for the current fiscal year.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.