Rivian Automotive (NASDAQ:RIVN) Stock Price Up 3.8% After Analyst Upgrade

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was up 3.8% during trading on Friday after UBS Group raised their price target on the stock from $11.00 to $14.00. UBS Group currently has a neutral rating on the stock. Rivian Automotive traded as high as $15.34 and last traded at $15.00. Approximately 28,502,685 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 41,409,781 shares. The stock had previously closed at $14.44.

RIVN has been the subject of a number of other research reports. Baird R W cut Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Benchmark started coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a "buy" rating and a $18.00 target price for the company. Robert W. Baird reiterated a "neutral" rating and set a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Morgan Stanley cut Rivian Automotive from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $15.48.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was 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 approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,429 shares of company stock valued at $4,467,450 over the last three months. 2.51% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of the stock. John G Ullman & Associates Inc. grew its stake in Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker's stock worth $135,000 after purchasing an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. grew its holdings in Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Rivian Automotive by 1.4% in the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker's stock valued at $1,033,000 after purchasing an additional 1,055 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker's stock valued at $132,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Regal Investment Advisors LLC lifted its position in shares of Rivian Automotive by 7.0% in the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker's stock worth $262,000 after purchasing an additional 1,281 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Down 1.6 %

The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The company's fifty day moving average is $12.89 and its 200-day moving average is $13.07.

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.