UBS Group Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $12.00

Key Points

• UBS Group has reduced its price target for Rivian Automotive from $13.00 to $12.00, maintaining a "neutral" rating on the stock.
• Rivian's current stock price suggests a potential upside of 1.31% based on UBS’s revised target, while the consensus price target among analysts stands at $14.25.
• Recent earnings revealed a loss of ($0.97) per share, which was worse than analysts' expectations, despite a year-over-year revenue growth of 12.5%.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its price target dropped by research analysts at UBS Group from $13.00 to $12.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the electric vehicle automaker's stock. UBS Group's price target suggests a potential upside of 0.18% from the company's previous close.

A number of other equities research analysts also recently weighed in on the stock. Robert W. Baird dropped their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $15.00 price target on shares of Rivian Automotive in a report on Wednesday, May 7th. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Mizuho boosted their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Wedbush decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and an average target price of $13.82.

Rivian Automotive Price Performance

RIVN stock traded up $0.34 during midday trading on Wednesday, reaching $11.98. 14,198,514 shares of the company's stock traded hands, compared to its average volume of 32,890,137. The company has a 50-day simple moving average of $13.48 and a two-hundred day simple moving average of $12.99. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The company has a market cap of $13.54 billion, a price-to-earnings ratio of -3.72 and a beta of 1.80. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 57.72%. The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the business earned ($1.46) EPS. The business's revenue for the quarter was up 12.5% on a year-over-year basis. On average, analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 205,694 shares of company stock valued at $3,144,612. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently modified their holdings of the business. Assetmark Inc. lifted its position in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,357 shares during the last quarter. PFS Partners LLC raised its stake in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the period. Fairman Group LLC acquired a new position in Rivian Automotive during the 2nd quarter valued at approximately $31,000. Banque Transatlantique SA increased its position in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after buying an additional 2,243 shares during the period. Finally, Orion Capital Management LLC bought a new stake in Rivian Automotive in the fourth quarter valued at $34,000. 66.25% of the stock is 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.