Rivian Automotive (NASDAQ:RIVN) Upgraded 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, MarketBeat Ratings reports. They currently have $9.00 price objective on the electric vehicle automaker’s stock.

A number of other research analysts also recently issued reports on the stock. Robert W. Baird reduced their price objective on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating on the stock in a research report on Thursday, February 22nd. The Goldman Sachs Group reduced their price objective on shares of Rivian Automotive from $20.00 to $17.00 and set a neutral rating on the stock in a research report on Thursday, January 25th. Jefferies Financial Group started coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a buy rating and a $16.00 price objective on the stock. Cantor Fitzgerald reissued an overweight rating and set a $23.00 price objective on shares of Rivian Automotive in a research report on Wednesday, April 3rd. Finally, DA Davidson reduced their price objective on shares of Rivian Automotive from $19.00 to $17.00 and set a neutral rating on the stock in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $19.70.

Rivian Automotive Trading Up 1.0 %

Shares of Rivian Automotive stock opened at $8.83 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 $8.63 billion, a PE ratio of -1.54 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The company has a 50 day simple moving average of $11.71 and a two-hundred day simple moving average of $16.03.

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, beating the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. 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 company’s stock in a transaction dated 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 document filed with the SEC, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is accessible through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, 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. Insiders have sold a total of 54,306 shares of company stock worth $717,274 in the last quarter. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. PNC Financial Services Group Inc. lifted its stake in Rivian Automotive by 31.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after acquiring an additional 2,532 shares during the period. D.A. Davidson & CO. lifted its stake in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after acquiring an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Rivian Automotive during the 1st quarter valued at about $493,000. MetLife Investment Management LLC bought a new position in Rivian Automotive during the 1st quarter valued at about $231,000. Finally, Rhumbline Advisers lifted its stake in Rivian Automotive by 5.3% during the 1st quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after acquiring an additional 6,690 shares during the period. Institutional investors 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.