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

Rivian Automotive (NASDAQ:RIVN) had its price target upped by UBS Group from $12.00 to $13.00 in a report published on Wednesday, MarketBeat reports. The brokerage currently has a neutral rating on the electric vehicle automaker’s stock.

A number of other research analysts have also recently weighed in on RIVN. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Robert W. Baird cut their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Barclays raised their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 22nd. The Goldman Sachs Group cut their target price on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Finally, Mizuho decreased their price target on Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.99.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $14.26 on Wednesday. The company’s 50-day moving average price is $11.98 and its 200-day moving average price is $12.34. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market cap of $16.12 billion, a PE ratio of -3.02 and a beta of 1.86. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $18.86.

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

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,427 shares of company stock worth $2,154,905. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in the stock. World Investment Advisors LLC grew its stake in Rivian Automotive by 8.6% during the 3rd quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after purchasing an additional 1,446 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. GAMMA Investing LLC increased its holdings in Rivian Automotive by 82.6% in the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock worth $118,000 after buying an additional 4,022 shares during the period. Nordea Investment Management AB raised its position in Rivian Automotive by 12.1% during the 4th quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock worth $901,000 after buying an additional 6,817 shares during the last quarter. Finally, Green Alpha Advisors LLC lifted its stake in Rivian Automotive by 15.4% during the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock valued at $823,000 after acquiring an additional 8,262 shares during the period. 66.25% of the stock is 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.