Rivian Automotive (NASDAQ:RIVN) Stock Price Expected to Rise, UBS Group Analyst Says

Rivian Automotive (NASDAQ:RIVN) had its price target raised by analysts at UBS Group from $11.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the electric vehicle automaker’s stock. UBS Group’s price objective would indicate a potential downside of 3.61% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Baird R W lowered shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Friday, November 8th. Stifel Nicolaus decreased their target price on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.48.

Rivian Automotive Stock Up 4.2 %

Shares of RIVN traded up $0.58 during trading hours on Thursday, hitting $14.52. The stock had a trading volume of 29,807,183 shares, compared to its average volume of 42,176,402. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.85. The firm has a market capitalization of $14.82 billion, a P/E ratio of -2.59 and a beta of 2.05. The firm has a 50 day simple moving average of $12.80 and a 200-day simple moving average of $13.06. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 8,097 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 over the last three months. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Baillie Gifford & Co. increased its stake in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after purchasing an additional 17,341,786 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after buying an additional 2,035,831 shares during the period. AQR Capital Management LLC raised its holdings in Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after acquiring an additional 1,257,106 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rivian Automotive during the second quarter worth $9,388,000. Finally, abrdn plc boosted its holdings in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after acquiring an additional 518,561 shares during the period. 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.