UBS Group Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price raised by research analysts at UBS Group from $11.00 to $14.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the electric vehicle automaker's stock. UBS Group's price objective would suggest a potential downside of 2.20% from the stock's previous close.

RIVN has been the subject of a number of other research reports. Barclays cut their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 15th. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 22nd. Bank of America lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Finally, Mizuho decreased their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $15.48.

Rivian Automotive Stock Performance

RIVN stock traded down $0.13 during trading on Thursday, reaching $14.32. The stock had a trading volume of 55,050,573 shares, compared to its average volume of 44,009,535. The stock's 50 day moving average is $12.89 and its two-hundred day moving average is $13.07. The firm has a market cap of $14.61 billion, a PE ratio of -2.56 and a beta of 2.05. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,429 shares of company stock worth $4,467,450. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in shares of Rivian Automotive by 42.7% during the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after buying an additional 54,053 shares during the period. Diversify Advisory Services LLC bought a new position in Rivian Automotive in the 4th quarter valued at $548,000. Grove Bank & Trust purchased a new stake in Rivian Automotive in the fourth quarter worth $62,000. Clarius Group LLC lifted its position in shares of Rivian Automotive by 25.3% during the fourth quarter. Clarius Group LLC now owns 47,679 shares of the electric vehicle automaker's stock worth $634,000 after purchasing an additional 9,633 shares during the last quarter. Finally, Udine Wealth Management Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at $1,031,000. 66.25% of the stock is currently owned by institutional investors.

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.