Rivian Automotive (NASDAQ:RIVN) Upgraded by UBS Group to “Neutral”

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

Several other research analysts have also weighed in on RIVN. JPMorgan Chase & Co. lowered shares of Rivian Automotive from a neutral rating to an underweight rating and reduced their price objective for the stock from $20.00 to $11.00 in a research note on Thursday, February 22nd. Bank of America reduced their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a buy rating on the stock in a research note on Thursday, February 22nd. Jefferies Financial Group started coverage on shares of Rivian Automotive in a report on Thursday, March 7th. They set a buy rating and a $16.00 target price on the stock. Piper Sandler upgraded shares of Rivian Automotive from a neutral rating to an overweight rating and raised their target price for the stock from $15.00 to $21.00 in a report on Friday, March 15th. Finally, Robert W. Baird dropped their target price on shares of Rivian Automotive from $30.00 to $23.00 and set an outperform rating on the stock in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $19.91.

Rivian Automotive Trading Up 3.7 %

Shares of Rivian Automotive stock opened at $8.71 on Tuesday. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The company has a 50-day simple moving average of $11.98 and a 200 day simple moving average of $16.14. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $8.51 billion, a P/E ratio of -1.52 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion for 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%. 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, insider Kjell Gruner sold 19,935 shares of the stock in a transaction 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 transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction 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 directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kjell Gruner sold 19,935 shares of the stock in a transaction on Friday, March 8th. The shares were 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 of the company’s stock, valued at $5,223,751.47. 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 ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Sunbelt Securities Inc. increased its position in shares of Rivian Automotive by 195.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 1,475 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 975 shares during the last quarter. Bear Mountain Capital Inc. purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at $26,000. Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive during the 3rd quarter valued at $27,000. MCF Advisors LLC increased 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 purchasing an additional 1,000 shares during the last quarter. Finally, Resurgent Financial Advisors LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter valued at $30,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.