Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $13.00 at UBS Group

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by UBS Group from $12.00 to $13.00 in a research report report published on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the electric vehicle automaker’s stock.

RIVN has been the subject of several other reports. Stifel Nicolaus decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Morgan Stanley decreased their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Mizuho increased their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, September 29th. Finally, JPMorgan Chase & Co. decreased their target price on Rivian Automotive from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.90.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $13.50 on Monday. The business’s fifty day moving average price is $13.48 and its 200 day moving average price is $13.42. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $17.15. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $16.38 billion, a P/E ratio of -4.18 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.46) earnings per share. As a group, research analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,147 shares of company stock valued at $577,593 over the last 90 days. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 2.6% in the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker’s stock worth $1,086,507,000 after buying an additional 1,983,509 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rivian Automotive by 4.9% during the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock worth $200,200,000 after acquiring an additional 689,045 shares in the last quarter. Northern Trust Corp increased its position in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after purchasing an additional 809,064 shares during the last quarter. Norges Bank bought a new stake in shares of Rivian Automotive in the 2nd quarter worth about $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Rivian Automotive by 15.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker’s stock worth $80,376,000 after purchasing an additional 799,030 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.