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

UBS Group upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a neutral rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $9.00 price objective on the electric vehicle automaker’s stock.

RIVN has been the subject of several other reports. Wolfe Research reaffirmed a peer perform rating on shares of Rivian Automotive in a report on Thursday, January 4th. Mizuho reaffirmed a neutral rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. Evercore ISI lowered their target price on Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company lowered their target price on Rivian Automotive from $18.00 to $14.00 and set an equal weight rating for the company in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of Moderate Buy and an average target price of $19.61.

Rivian Automotive Stock Down 2.3 %

Shares of NASDAQ RIVN opened at $8.63 on Tuesday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The firm has a market cap of $8.44 billion, a price-to-earnings ratio of -1.50 and a beta of 1.88. 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’s 50-day simple moving average is $11.54 and its 200-day simple moving average is $15.93.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. As a group, equities analysts anticipate that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the company’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 owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock worth $717,274 over the last ninety days. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the stock. Salem Investment Counselors Inc. lifted its position in shares of 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 during the last quarter. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive during the 3rd quarter valued at $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $26,000. MCF Advisors LLC lifted its position in shares of Rivian Automotive by 396.8% during the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after acquiring an additional 1,000 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 1,537.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.