Wall Street Zen Upgrades Rivian Automotive (NASDAQ:RIVN) to Hold

Rivian Automotive (NASDAQ:RIVN) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley upped their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Friday, July 31st. TD Cowen lifted their price objective on shares of Rivian Automotive from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Citigroup initiated coverage on shares of Rivian Automotive in a report on Monday, September 14th. They issued a “hold” rating and a $18.00 target price on the stock. Royal Bank Of Canada upped their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company a “sector perform” rating in a research report on Friday, July 31st. Finally, Jefferies Financial Group increased their price target on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $14.99 on Friday. The stock has a market capitalization of $21.70 billion, a PE ratio of -5.81 and a beta of 1.62. The business has a 50 day simple moving average of $16.16 and a two-hundred day simple moving average of $15.91. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. Rivian Automotive has a 1-year low of $12.39 and a 1-year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.03. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.97) EPS. On average, research analysts predict that Rivian Automotive will post -2.98 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, Director Karen Boone sold 20,000 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. The trade was a 1.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 56,167 shares of company stock worth $963,306. Insiders own 1.48% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Core Wealth Advisors LLC bought a new position in Rivian Automotive in the 4th quarter valued at $27,000. MCF Advisors LLC lifted its position in shares of Rivian Automotive by 3,500.0% during the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock worth $31,000 after purchasing an additional 1,750 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new stake in shares of Rivian Automotive during the first quarter worth $39,000. MTM Investment Management LLC boosted its stake in shares of Rivian Automotive by 115.0% during the fourth quarter. MTM Investment Management LLC now owns 2,150 shares of the electric vehicle automaker’s stock valued at $42,000 after purchasing an additional 1,150 shares during the period. Finally, Ancora Advisors LLC purchased a new stake in shares of Rivian Automotive during the second quarter valued at $44,000. 66.25% of the stock is owned by institutional investors.

More Rivian Automotive News

Here are the key news stories impacting Rivian Automotive this week:

• Positive Sentiment: Rivian continues to attract bullish attention because of its cash position, improving gross profitability and lack of recent shareholder dilution. Investors see potential upside if the company executes successfully on its R2 vehicle program. The 3 Charts That Show Rivian Could Soar
• Positive Sentiment: Rivian rose alongside Lucid during renewed enthusiasm for electric-vehicle and autonomous-driving opportunities after Lucid announced a major European robotaxi agreement. Although the deal was for Lucid, it supported broader sector sentiment and highlighted potential future demand for EV technology. Lucid and Rivian EV Sector News
• Neutral Sentiment: Rivian will participate in Evercore’s ADAS, AV & AI Forum on September 29. The presentation could provide updates on autonomy, artificial intelligence and advanced driver-assistance technology, but no new financial or operational targets were announced. Rivian to Participate in Evercore ADAS, AV and AI Forum
• Negative Sentiment: Michael John Callahan sold 15,000 Rivian shares for approximately $244,350. The sale reduced his holdings by 1.45% and was conducted under a pre-arranged Rule 10b5-1 plan, which makes it less indicative of a discretionary bearish view but still creates short-term selling pressure. Michael John Callahan Sells Rivian Shares
• Negative Sentiment: RIVN decreased even as the broader market gained, indicating that the insider transaction and ongoing concerns about Rivian’s losses may be outweighing its growth prospects in the near term. The company remains unprofitable, with analysts expecting a full-year loss.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.