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

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

A number of other research firms have also recently commented on RIVN. JPMorgan Chase & Co. cut Rivian Automotive from a neutral rating to an underweight rating and reduced their price objective for the company from $20.00 to $11.00 in a research report on Thursday, February 22nd. Robert W. Baird reduced their price objective on Rivian Automotive from $30.00 to $23.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. Wolfe Research reiterated a peer perform rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Jefferies Financial Group initiated coverage on Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 price objective for the company. Finally, DA Davidson reduced their price objective on Rivian Automotive from $19.00 to $17.00 and set a neutral rating for the company in a research report on Thursday, February 22nd. 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 company has an average rating of Moderate Buy and an average price target of $19.91.

Rivian Automotive Stock Up 3.7 %

Shares of RIVN stock traded up $0.31 during mid-day trading on Tuesday, hitting $8.71. The company's stock had a trading volume of 51,449,027 shares, compared to its average volume of 43,630,410. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $28.06. The business has a 50-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 quick ratio of 3.90 and a current ratio of 4.95. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of -1.52 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The firm had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. Research analysts predict that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

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 transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Claire Mcdonough sold 2,946 shares of the firm's 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 sale, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at approximately $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the firm's stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at $690,829.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,306 shares of company stock valued at $717,274. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the business. Eaton Vance Management increased its holdings in Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker's stock worth $394,000 after purchasing an additional 497 shares during the period. Gould Capital LLC increased its holdings in Rivian Automotive by 32.6% during the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker's stock worth $34,000 after purchasing an additional 500 shares during the period. D.A. Davidson & CO. boosted its position in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker's stock valued at $310,000 after acquiring an additional 515 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker's stock valued at $662,000 after acquiring an additional 577 shares in the last quarter. Finally, Salem Investment Counselors Inc. boosted its position in Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker's stock valued at $32,000 after acquiring an additional 585 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.