Rivian Automotive (NASDAQ:RIVN) Given New $12.00 Price Target at UBS Group

Rivian Automotive (NASDAQ:RIVN) had its target price cut by UBS Group from $14.00 to $12.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Several other analysts have also issued reports on the company. Wells Fargo & Company upped their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $13.00 in a report on Thursday, March 20th. Barclays upped their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Wednesday, January 22nd. Benchmark restated a “buy” rating and set a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Finally, Mizuho decreased their price target on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.25.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.47 on Thursday. The stock has a market capitalization of $12.97 billion, a PE ratio of -2.43 and a beta of 1.89. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The firm has a fifty day simple moving average of $11.99 and a 200 day simple moving average of $12.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,427 shares of company stock worth $2,237,044. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its position in Rivian Automotive by 6.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 76,651 shares of the electric vehicle automaker’s stock worth $860,000 after buying an additional 4,338 shares during the period. Captrust Financial Advisors grew its stake in shares of Rivian Automotive by 19.4% in the third quarter. Captrust Financial Advisors now owns 41,474 shares of the electric vehicle automaker’s stock worth $465,000 after purchasing an additional 6,738 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Rivian Automotive by 107.6% in the third quarter. Janus Henderson Group PLC now owns 86,241 shares of the electric vehicle automaker’s stock valued at $968,000 after purchasing an additional 44,700 shares during the period. Quantinno Capital Management LP acquired a new position in Rivian Automotive during the 3rd quarter worth about $183,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Rivian Automotive in the third quarter valued at about $129,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.