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

Rivian Automotive (NASDAQ:RIVN) had its price target hoisted by equities researchers at UBS Group from $16.00 to $17.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price objective indicates a potential downside of 6.14% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday. Leerink Partners reiterated an “outperform” rating on shares of Rivian Automotive in a research note on Thursday, March 12th. Canaccord Genuity Group restated a “buy” rating and issued a $22.00 price target on shares of Rivian Automotive in a research note on Monday, April 6th. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Rivian Automotive in a report on Friday, May 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, June 15th. Twelve research analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average price target of $18.81.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded up $1.45 on Thursday, reaching $18.11. The company’s stock had a trading volume of 37,292,050 shares, compared to its average volume of 31,786,545. The stock’s 50-day moving average is $15.71 and its two-hundred day moving average is $16.26. Rivian Automotive has a 52-week low of $11.57 and a 52-week high of $22.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.10 and a quick ratio of 1.64. The stock has a market capitalization of $22.48 billion, a P/E ratio of -6.19 and a beta of 1.60.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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 the consensus estimate of $1.37 billion. During the same period in the prior year, the business earned ($0.48) EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Rivian Automotive will post -3.09 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 10,245 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $18.00, for a total value of $184,410.00. Following the transaction, the chief financial officer directly owned 946,814 shares in the company, valued at $17,042,652. This trade represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,076 shares of company stock valued at $1,656,286 over the last three months. 1.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the business. Valeo Financial Advisors LLC boosted its position in shares of Rivian Automotive by 6.8% in the 2nd quarter. Valeo Financial Advisors LLC now owns 25,887 shares of the electric vehicle automaker’s stock valued at $449,000 after purchasing an additional 1,642 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Rivian Automotive by 2.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 56,758 shares of the electric vehicle automaker’s stock valued at $985,000 after acquiring an additional 1,134 shares in the last quarter. Western Wealth Management LLC purchased a new position in Rivian Automotive in the first quarter valued at about $179,000. Rathbones Group PLC acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at about $237,000. Finally, Parallel Advisors LLC lifted its stake in shares of Rivian Automotive by 4.0% in the 1st quarter. Parallel Advisors LLC now owns 16,056 shares of the electric vehicle automaker’s stock valued at $242,000 after purchasing an additional 613 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Key Rivian Automotive News

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

• Positive Sentiment: BNP Paribas Exane raised its price target on Rivian to $24 from $22 and kept an outperform rating, signaling confidence that the stock still has meaningful upside.
• Positive Sentiment: Rivian recently broke above its 20-day moving average, which technical traders often view as a short-term bullish signal and a sign the stock may be stabilizing after the recent drop.
• Neutral Sentiment: Rivian completed pricing for a 75 million-share offering at $15.50 per share, raising about $1.2 billion in gross proceeds. The capital should help fund manufacturing scale-up, debt-related needs, and the R2 launch, but it also adds dilution for existing shareholders. Rivian Automotive, Inc. Announces Pricing of Underwritten Public Offering of Common Stock
• Neutral Sentiment: Rivian’s director Karen Boone sold 20,000 shares in a pre-arranged 10b5-1 plan, which is not usually a strong negative signal by itself, but it may add to investor caution. Rivian Automotive (NASDAQ:RIVN) Director Karen Boone Sells 20,000 Shares of Stock
• Negative Sentiment: The biggest headwind is dilution risk from the new equity sale, which has prompted concern that Rivian still needs outside capital to support growth and cover ongoing cash burn.

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.