UBS Group Issues Pessimistic Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price objective dropped by equities researchers at UBS Group from $14.00 to $12.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price target points to a potential upside of 5.53% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. TD Cowen started 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. Mizuho decreased their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday. Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. Benchmark reaffirmed a “buy” rating and set a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Finally, Needham & Company LLC increased their target price on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.25.

Rivian Automotive Stock Performance

NASDAQ RIVN traded down $0.40 during trading on Thursday, hitting $11.37. 17,022,457 shares of the company’s stock traded hands, compared to its average volume of 37,270,780. The stock has a market capitalization of $12.86 billion, a price-to-earnings ratio of -2.40 and a beta of 1.89. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The business has a 50 day moving average of $12.04 and a 200-day moving average of $12.05. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

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

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Geode Capital Management LLC lifted its stake in shares of Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors bought a new position in shares of Rivian Automotive in the fourth quarter worth about $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $123,308,000. Soma Equity Partners LP lifted its holdings in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the period. Hedge funds and other 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.