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

Key Points

• UBS Group has raised its target price for Rivian Automotive from $12.00 to $13.00, maintaining a "neutral" rating, indicating a potential downside of 5.01% from its current price.
• Rivian recently reported a quarterly earnings loss of ($0.97) per share, missing expectations but showed a 12.5% increase in revenue from the previous year, totaling $1.30 billion.
• Insider trading activity revealed that CEO Robert J. Scaringe and CFO Claire Mcdonough sold shares, indicating a 1.31% decrease in Scaringe's position and a 0.91% decrease in Mcdonough's holdings.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price upped by research analysts at UBS Group from $12.00 to $13.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the electric vehicle automaker's stock. UBS Group's price target would indicate a potential downside of 5.01% from the company's current price.

A number of other research firms have also weighed in on RIVN. Mizuho increased their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group increased their target price on Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 6th. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, Wedbush cut their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and an average price target of $13.90.

Rivian Automotive Trading Up 0.3%

NASDAQ:RIVN traded up $0.04 during midday trading on Monday, hitting $13.69. 13,545,692 shares of the company traded hands, compared to its average volume of 36,265,285. The firm's fifty day moving average is $13.48 and its 200-day moving average is $13.40. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $17.15. The firm has a market capitalization of $16.61 billion, a P/E ratio of -4.24 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the previous year, the company posted ($1.46) EPS. The business's quarterly revenue was up 12.5% on a year-over-year basis. On average, sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares of the company's stock, valued at $18,426,870. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 7,247 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,147 shares of company stock valued at $577,593. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. PFS Partners LLC raised its stake in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,882 shares during the last quarter. Assetmark Inc. raised its stake in Rivian Automotive by 315.6% in the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock valued at $25,000 after purchasing an additional 1,357 shares during the last quarter. Banque Transatlantique SA raised its stake in Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at $31,000. 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.

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