Rivian Automotive (NASDAQ:RIVN) Rating Increased 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 note published on Sunday.

A number of other brokerages have also issued reports on RIVN. Jefferies Financial Group reiterated a “hold” rating and set a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Wells Fargo & Company dropped their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Finally, TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Three research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $14.33.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.57 on Friday. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $18.86. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $15.34 billion, a PE ratio of -3.65 and a beta of 1.86. The stock’s 50-day moving average price is $13.89 and its 200-day moving average price is $13.17.

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

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $9,775,506.06. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the sale, the chief financial officer now owns 851,637 shares of the company’s stock, valued at $12,774,555. This represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 312,836 shares of company stock valued at $4,357,459. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. PFS Partners LLC increased its stake in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its holdings in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 2,243 shares during the period. Orion Capital Management LLC purchased a new position in shares of Rivian Automotive during the 4th quarter worth $34,000. WPG Advisers LLC acquired a new stake in shares of Rivian Automotive during the 1st quarter worth about $34,000. Finally, Quarry LP purchased a new stake in Rivian Automotive in the 4th quarter valued at about $38,000. 66.25% of the stock is currently 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.