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

UBS Group upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a neutral rating in a report published on Tuesday morning, Marketbeat.com reports. UBS Group currently has $9.00 target price on the electric vehicle automaker’s stock.

RIVN has been the topic of several other research reports. Jefferies Financial Group started coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a buy rating and a $16.00 target price on the stock. Stifel Nicolaus cut their price objective on shares of Rivian Automotive from $23.00 to $18.00 and set a buy rating on the stock in a report on Monday, February 26th. Deutsche Bank Aktiengesellschaft restated a hold rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Tuesday, April 2nd. JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a neutral rating to an underweight rating and cut their price objective for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Barclays cut their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set an equal weight rating on the stock in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $19.70.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $8.83 on Tuesday. The stock’s fifty day moving average price is $11.71 and its 200-day moving average price is $16.03. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The firm has a market cap of $8.63 billion, a P/E ratio of -1.54 and a beta of 1.88.

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

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other Rivian Automotive news, 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 sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Sunbelt Securities Inc. boosted its position in Rivian Automotive by 195.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 975 shares in the last quarter. Bear Mountain Capital Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $26,000. Ancora Advisors LLC purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $27,000. 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 buying an additional 1,000 shares in the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors 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.