UBS Group Increases Rivian Automotive (NASDAQ:RIVN) Price Target to $17.00

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by UBS Group from $10.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price target would suggest a potential upside of 26.68% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday. Cantor Fitzgerald raised their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday. Wedbush raised their target price on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Mizuho dropped their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.63.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN opened at $13.42 on Friday. The company has a market capitalization of $13.36 billion, a price-to-earnings ratio of -2.33 and a beta of 2.01. The firm’s 50 day simple moving average is $10.68 and its 200 day simple moving average is $13.48. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, sell-side analysts forecast that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Rivian Automotive by 240.3% during the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock worth $2,998,000 after buying an additional 193,345 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Rivian Automotive by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock worth $4,149,000 after buying an additional 9,508 shares in the last quarter. EULAV Asset Management lifted its holdings in shares of Rivian Automotive by 33.3% during the first quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock worth $7,446,000 after buying an additional 170,000 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Rivian Automotive by 571.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock worth $5,507,000 after buying an additional 428,050 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.