Rivian Automotive (NASDAQ:RIVN) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Rivian Automotive (NASDAQ:RIVN) from a hold rating to a sell rating in a research note released on Friday morning.

RIVN has been the topic of a number of other research reports. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a report on Monday, December 15th. Tigress Financial lifted their price target on Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. JPMorgan Chase & Co. upped their price objective on Rivian Automotive from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, October 20th. Zacks Research upgraded Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $14.00 to $25.00 in a research report on Thursday, December 18th. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and eight have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.23.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $15.95 on Friday. The firm has a market capitalization of $19.55 billion, a price-to-earnings ratio of -5.13 and a beta of 1.77. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. The stock has a fifty day moving average of $18.02 and a 200 day moving average of $15.17. Rivian Automotive has a 52-week low of $10.36 and a 52-week high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The firm had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm posted ($1.08) EPS. The company’s revenue was up 78.3% compared to the same quarter last year. On average, research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $16.03, for a total value of $279,723.50. Following the transaction, the chief executive officer directly owned 1,115,209 shares of the company’s stock, valued at $17,876,800.27. The trade was a 1.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter Krawiec sold 3,655 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the transaction, the director owned 29,122 shares in the company, valued at $566,422.90. The trade was a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 172,504 shares of company stock valued at $3,012,734. 2.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Assetmark Inc. lifted its stake in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after buying an additional 1,357 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in Rivian Automotive by 113.6% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 1,000 shares during the last quarter. Mather Group LLC. bought a new position in Rivian Automotive in the 3rd quarter valued at approximately $30,000. Fairman Group LLC bought a new position in Rivian Automotive in the 2nd quarter valued at approximately $31,000. Finally, Hemington Wealth Management boosted its stake in Rivian Automotive by 291.0% during the 3rd quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.