UBS Group Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price increased by research analysts at UBS Group from $12.00 to $13.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the electric vehicle automaker's stock. UBS Group's target price suggests a potential downside of 2.61% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Wednesday. Barclays lifted their target price 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. Mizuho decreased their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Guggenheim reiterated a "buy" rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday. Finally, Wells Fargo & Company lowered their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday. Three 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.03.

Rivian Automotive Stock Performance

RIVN stock traded down $0.15 during midday trading on Wednesday, reaching $13.35. 21,076,124 shares of the company's stock traded hands, compared to its average volume of 36,353,114. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 52 week low of $9.25 and a 52 week high of $18.86. The firm has a market capitalization of $15.09 billion, a PE ratio of -2.81 and a beta of 1.86. The company has a 50-day moving average price of $11.86 and a two-hundred day moving average price of $12.28.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, equities analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at approximately $9,775,506.06. This represents a 4.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,154,905 over the last three months. Insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Geode Capital Management LLC raised its position in shares of Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock valued at $175,639,000 after buying an additional 227,168 shares during the period. Capital International Investors purchased a new stake in Rivian Automotive in the fourth quarter valued at $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $123,308,000. Soma Equity Partners LP grew its holdings in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. Finally, Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. 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.

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