Rivian Automotive (NASDAQ:RIVN) Given New $17.00 Price Target at UBS Group

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by UBS Group from $16.00 to $17.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the electric vehicle automaker’s stock.

Several other brokerages have also commented on RIVN. TD Cowen reaffirmed a “buy” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Canaccord Genuity Group reissued a “buy” rating and set a $22.00 price objective on shares of Rivian Automotive in a research note on Monday, April 6th. Weiss Ratings raised Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. BNP Paribas Exane lifted their target price on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Tigress Financial reiterated a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, April 10th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.81.

Rivian Automotive Stock Up 8.8%

Shares of NASDAQ RIVN opened at $18.12 on Thursday. Rivian Automotive has a 1 year low of $11.57 and a 1 year high of $22.69. The firm’s 50 day moving average price is $15.75 and its 200 day moving average price is $16.23. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The firm has a market cap of $22.49 billion, a P/E ratio of -6.21 and a beta of 1.60.

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

Insiders Place Their Bets

In other news, Director Karen Boone sold 20,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. This represents a 15.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the transaction, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,076 shares of company stock worth $1,656,286 in the last quarter. 1.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in Rivian Automotive by 4.0% in the first quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock worth $242,000 after purchasing an additional 613 shares during the period. Illinois Municipal Retirement Fund raised its holdings in shares of Rivian Automotive by 1.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 43,282 shares of the electric vehicle automaker’s stock worth $853,000 after purchasing an additional 686 shares during the period. Merit Financial Group LLC raised its holdings in shares of Rivian Automotive by 3.2% during the fourth quarter. Merit Financial Group LLC now owns 23,127 shares of the electric vehicle automaker’s stock worth $456,000 after purchasing an additional 718 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Rivian Automotive by 36.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,764 shares of the electric vehicle automaker’s stock worth $54,000 after buying an additional 739 shares during the last quarter. Finally, Utah Retirement Systems lifted its position in shares of Rivian Automotive by 0.6% in the 4th quarter. Utah Retirement Systems now owns 128,500 shares of the electric vehicle automaker’s stock worth $2,533,000 after buying an additional 744 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Key Headlines Impacting Rivian Automotive

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

• Positive Sentiment: Stifel raised its price target on Rivian and highlighted optimism around the R2 launch and the company’s next growth phase.
• Positive Sentiment: BNP Paribas Exane lifted its target to $24 and kept an outperform rating, reinforcing bullish sentiment from Wall Street.
• Positive Sentiment: Rivian’s stock broke above its 20-day moving average, suggesting improving short-term momentum for traders.
• Neutral Sentiment: UBS raised its target to $17 but kept a neutral rating, signaling limited near-term upside in its view.
• Negative Sentiment: Rivian’s $1.2 billion share offering remains an overhang because investors worry about dilution and ongoing cash burn needed to fund expansion and the R2 program. Rivian’s 75 Million-Share Offering Turns the R2 Growth Story Into a Dilution Test
• Negative Sentiment: Recent insider selling by a director added to the cautious tone, even though the trade was made under a pre-arranged 10b5-1 plan.

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.