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

Wall Street Zen upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a hold rating in a research report sent to investors on Sunday morning.

Several other research analysts have also recently weighed in on RIVN. Mizuho boosted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Robert W. Baird decreased their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $13.00 to $10.00 in a research report on Monday, February 24th. Finally, The Goldman Sachs Group decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.33.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $13.81 on Friday. Rivian Automotive has a 52-week low of $9.50 and a 52-week high of $18.86. The firm has a market capitalization of $15.62 billion, a price-to-earnings ratio of -3.71 and a beta of 1.86. The company has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $13.18. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.48) EPS. On average, equities analysts anticipate that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, April 7th. 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 853,011 shares in the company, valued at $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the transaction, the chief financial officer now owns 851,637 shares in the company, valued at $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 312,836 shares of company stock worth $4,357,459 over the last three months. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently modified their holdings of RIVN. Brighton Jones LLC boosted its holdings in shares of Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Rivian Automotive by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 32,374 shares of the electric vehicle automaker’s stock valued at $431,000 after acquiring an additional 1,756 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Rivian Automotive by 29.2% in the fourth quarter. Global Retirement Partners LLC now owns 25,341 shares of the electric vehicle automaker’s stock valued at $337,000 after acquiring an additional 5,731 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Rivian Automotive by 30.6% in the fourth quarter. Private Advisor Group LLC now owns 64,870 shares of the electric vehicle automaker’s stock valued at $863,000 after acquiring an additional 15,213 shares during the period. Finally, Ieq Capital LLC boosted its holdings in shares of Rivian Automotive by 6.7% in the fourth quarter. Ieq Capital LLC now owns 101,585 shares of the electric vehicle automaker’s stock valued at $1,351,000 after acquiring an additional 6,344 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Company Profile

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.