UBS Group Initiates Coverage on Rivian (NASDAQ:RIVN)

UBS Group began coverage on shares of Rivian (NASDAQ:RIVN) in a report published on Tuesday morning, The Fly reports. The firm issued a buy rating on the electric vehicle automaker’s stock.

Several other equities research analysts have also recently weighed in on the company. Barclays reduced their price objective on Rivian from $120.00 to $115.00 and set an equal weight rating for the company in a research report on Friday, December 17th. Redburn Partners started coverage on Rivian in a research report on Tuesday. They issued a buy rating for the company. Deutsche Bank Aktiengesellschaft assumed coverage on Rivian in a research report on Sunday, December 5th. They issued a buy rating and a $130.00 price objective for the company. The Goldman Sachs Group assumed coverage on Rivian in a research report on Sunday, December 5th. They issued a neutral rating and a $94.00 target price for the company. Finally, Piper Sandler assumed coverage on Rivian in a research report on Monday, December 6th. They issued an overweight rating and a $148.00 target price for the company. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of 134.64.

Shares of RIVN stock opened at 79.95 on Tuesday. Rivian has a 12 month low of 75.13 and a 12 month high of 179.47. The company’s 50 day moving average is 109.15.

Rivian (NASDAQ:RIVN) last announced its quarterly earnings results on Wednesday, December 15th. The electric vehicle automaker reported -7.68 EPS for the quarter, beating the consensus estimate of -11.92 by 4.24. The company had revenue of 1.00 million for the quarter, compared to analyst estimates of 1.03 million. Equities research analysts forecast that Rivian will post -5.25 EPS for the current year.

In other Rivian news, Director Rose M. Marcario bought 12,000 shares of the stock in a transaction dated Monday, November 15th. The stock was bought at an average cost of 78.00 per share, for a total transaction of 936,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jeff Baker bought 20,000 shares of the stock in a transaction dated Monday, November 15th. The stock was acquired at an average price of 78.00 per share, with a total value of 1,560,000.00. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 171,025 shares of company stock valued at $13,339,950.

Large investors have recently made changes to their positions in the company. Baldwin Brothers LLC MA acquired a new stake in shares of Rivian in the fourth quarter valued at $26,000. Koshinski Asset Management Inc. acquired a new stake in Rivian in the fourth quarter worth about $270,000. Wedbush Securities Inc. acquired a new stake in Rivian in the fourth quarter worth about $631,000. Finally, DNB Asset Management AS acquired a new stake in Rivian in the fourth quarter worth about $2,585,000. Institutional investors own 30.45% of the company’s stock.

About Rivian

Rivian is an American electric vehicle automaker and automotive technology company founded in 2009. Rivian is building an electric sport utility vehicle and pickup truck on a “skateboard” platform that can support future vehicles or be adopted by other companies.

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