Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $12.00 by Analysts at UBS Group

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price objective cut by UBS Group from $14.00 to $12.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a neutral rating on the electric vehicle automaker's stock.

Several other equities research analysts also recently issued reports on the company. Benchmark reaffirmed a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Mizuho reduced their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Thursday. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They issued a "hold" rating and a $12.70 price target on the stock. Truist Financial upped their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has an average rating of "Hold" and an average target price of $14.25.

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Rivian Automotive Stock Performance

RIVN stock traded up $0.56 during trading hours on Thursday, reaching $12.03. The stock had a trading volume of 26,820,313 shares, compared to its average volume of 36,978,328. The stock has a 50-day simple moving average of $11.99 and a 200 day simple moving average of $12.06. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.86. The stock has a market capitalization of $13.60 billion, a PE ratio of -2.55 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares of the company's stock, valued at $9,596,373.75. This trade represents a 7.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares in the company, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,237,044 in the last 90 days. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Dimension Capital Management LLC boosted its holdings in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after acquiring an additional 819 shares in the last quarter. Tradition Wealth Management LLC increased its holdings in shares of Rivian Automotive by 7.2% during the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after acquiring an additional 849 shares in the last quarter. RFG Holdings Inc. raised its position in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker's stock worth $296,000 after purchasing an additional 1,096 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of Rivian Automotive by 4.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 26,611 shares of the electric vehicle automaker's stock worth $354,000 after purchasing an additional 1,160 shares in the last quarter. Finally, Freestone Capital Holdings LLC grew its position in Rivian Automotive by 4.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 29,312 shares of the electric vehicle automaker's stock valued at $390,000 after purchasing an additional 1,164 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.