Rivian Automotive (NASDAQ:RIVN) Raised to “Neutral” at UBS Group

UBS Group upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a neutral rating in a report published on Tuesday morning, Marketbeat.com reports. They currently have $9.00 target price on the electric vehicle automaker’s stock.

RIVN has been the subject of a number of other research reports. Barclays reduced their price objective on Rivian Automotive from $16.00 to $12.00 and set an equal weight rating for the company in a research report on Monday, February 26th. Evercore ISI reduced their price objective on Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. Morgan Stanley reduced their price target on Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a research report on Thursday, April 4th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $23.00 price objective on shares of Rivian Automotive in a research note on Wednesday, April 3rd. Finally, The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating on the stock in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $19.91.

Rivian Automotive Stock Up 3.7 %

RIVN stock opened at $8.71 on Tuesday. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $28.06. The business has a fifty day moving average price of $11.98 and a 200-day moving average price of $16.14. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $8.51 billion, a P/E ratio of -1.52 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Equities analysts forecast that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The disclosure for this sale can be found here. Insiders sold a total of 54,306 shares of company stock valued at $717,274 in the last quarter. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RIVN. Price T Rowe Associates Inc. MD grew its position in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after acquiring an additional 25,550,489 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $228,175,000. Norges Bank acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $129,427,000. State Street Corp raised its stake in shares of Rivian Automotive by 145.5% in the third quarter. State Street Corp now owns 9,064,249 shares of the electric vehicle automaker’s stock valued at $298,304,000 after acquiring an additional 5,371,852 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.