Rivian Automotive (NASDAQ:RIVN) PT Raised to $17.00 at UBS Group

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by equities research analysts at UBS Group from $10.00 to $17.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price target would indicate a potential upside of 16.20% from the company’s current price.

Other analysts have also issued reports about the stock. Morgan Stanley reiterated an “overweight” rating and set a $13.00 target price on shares of Rivian Automotive in a report on Wednesday. Wedbush increased their target price on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 target price for the company. Wells Fargo & Company lowered their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Moderate Buy” and an average target price of $19.79.

Rivian Automotive Price Performance

RIVN traded up $0.16 during trading on Friday, reaching $14.63. The stock had a trading volume of 9,769,029 shares, compared to its average volume of 42,543,223. The stock has a market cap of $14.56 billion, a PE ratio of -2.54 and a beta of 2.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The business has a 50-day moving average of $10.59 and a 200-day moving average of $13.56.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, equities research analysts anticipate that Rivian Automotive will post -4.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Federated Hermes Inc. raised its position in Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after purchasing an additional 651 shares during the period. Moneta Group Investment Advisors LLC raised its position in Rivian Automotive by 5.3% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock worth $324,000 after purchasing an additional 668 shares during the period. Laidlaw Wealth Management LLC raised its position in Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. grew its stake in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock worth $175,000 after acquiring an additional 727 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares in the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.