UBS Group Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN) had its price target increased by investment analysts at UBS Group from $16.00 to $17.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s target price points to a potential downside of 6.14% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. TD Cowen restated a “buy” rating and set a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 3rd. BNP Paribas Exane increased their price objective on shares of Rivian Automotive from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Wednesday. Wall Street Zen raised shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. DA Davidson boosted their target price on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Leerink Partners restated an “outperform” rating on shares of Rivian Automotive in a research report on Thursday, March 12th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $18.81.

Rivian Automotive Stock Up 8.7%

Shares of RIVN traded up $1.45 during midday trading on Thursday, reaching $18.11. 37,292,050 shares of the stock were exchanged, compared to its average volume of 31,786,545. The company has a market capitalization of $22.48 billion, a P/E ratio of -6.19 and a beta of 1.60. The company has a current ratio of 2.10, a quick ratio of 1.64 and a debt-to-equity ratio of 1.00. Rivian Automotive has a 52 week low of $11.57 and a 52 week high of $22.69. The company’s 50 day moving average is $15.71 and its two-hundred day moving average is $16.26.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business’s revenue was up 11.4% compared to the same quarter last year. During the same period last year, the business posted ($0.48) EPS. On average, sell-side analysts anticipate that Rivian Automotive will post -3.09 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,023 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.00, for a total value of $128,368.00. Following the completion of the sale, the chief financial officer owned 887,007 shares of the company’s stock, valued at approximately $14,192,112. This trade represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the transaction, the director directly owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 100,076 shares of company stock worth $1,656,286. 1.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the stock. Valeo Financial Advisors LLC grew its stake in shares of Rivian Automotive by 6.8% in the second quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock worth $449,000 after acquiring an additional 1,642 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Rivian Automotive by 2.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock worth $985,000 after purchasing an additional 1,134 shares during the period. Western Wealth Management LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at about $179,000. Rathbones Group PLC acquired a new stake in Rivian Automotive in the 1st quarter valued at about $237,000. Finally, Parallel Advisors LLC boosted its stake in shares of Rivian Automotive by 4.0% in the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after buying an additional 613 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

More Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: BNP Paribas Exane raised its price target on Rivian to $24 from $22 and kept an outperform rating, signaling confidence that the stock still has meaningful upside.
• Positive Sentiment: Rivian recently broke above its 20-day moving average, which technical traders often view as a short-term bullish signal and a sign the stock may be stabilizing after the recent drop.
• Neutral Sentiment: Rivian completed pricing for a 75 million-share offering at $15.50 per share, raising about $1.2 billion in gross proceeds. The capital should help fund manufacturing scale-up, debt-related needs, and the R2 launch, but it also adds dilution for existing shareholders. Rivian Automotive, Inc. Announces Pricing of Underwritten Public Offering of Common Stock
• Neutral Sentiment: Rivian’s director Karen Boone sold 20,000 shares in a pre-arranged 10b5-1 plan, which is not usually a strong negative signal by itself, but it may add to investor caution. Rivian Automotive (NASDAQ:RIVN) Director Karen Boone Sells 20,000 Shares of Stock
• Negative Sentiment: The biggest headwind is dilution risk from the new equity sale, which has prompted concern that Rivian still needs outside capital to support growth and cover ongoing cash burn.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.