Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $16.00 by Analysts at UBS Group

Rivian Automotive (NASDAQ:RIVN) had its price target cut by UBS Group from $17.00 to $16.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the electric vehicle automaker’s stock.

Several other brokerages have also recently weighed in on RIVN. Wedbush reiterated an outperform rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday. Guggenheim began coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 target price for the company. Wells Fargo & Company decreased their target price on Rivian Automotive from $18.00 to $15.00 and set an equal weight rating for the company in a report on Wednesday. Cantor Fitzgerald restated an overweight rating and set a $19.00 target price on shares of Rivian Automotive in a report on Monday. Finally, Royal Bank of Canada upped their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a report on Monday, July 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $19.67.

Rivian Automotive Stock Performance

Shares of NASDAQ:RIVN traded up $1.18 during midday trading on Wednesday, reaching $14.96. The company had a trading volume of 25,911,281 shares, compared to its average volume of 43,001,590. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $25.73. The company’s 50 day moving average price is $14.06 and its 200 day moving average price is $12.54. The stock has a market cap of $14.89 billion, a P/E ratio of -2.56 and a beta of 2.09. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, sell-side analysts anticipate that Rivian Automotive will post -4.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 485,716 shares of company stock valued at $7,509,309. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its stake in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. Federated Hermes Inc. raised its stake in Rivian Automotive by 8.2% during the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after purchasing an additional 651 shares during the period. First Horizon Advisors Inc. raised its stake in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares during the period. Laidlaw Wealth Management LLC raised its stake in Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock valued at $241,000 after purchasing an additional 718 shares during the period. Finally, GAMMA Investing LLC increased its stake in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares during the last quarter. 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.