Rivian Automotive (NASDAQ:RIVN) Stock Rating Lowered by Wall Street Zen

Rivian Automotive (NASDAQ:RIVN) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Friday.

Other analysts also recently issued research reports about the stock. Needham & Company LLC increased their target price on shares of Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Stifel Nicolaus upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, November 17th. Mizuho reissued an “underperform” rating and set a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, October 20th. Eight analysts have rated the stock with a Buy rating, nine have given a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.23.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $15.95 on Friday. The company 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 quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The stock has a fifty day simple moving average of $18.02 and a 200 day simple moving average of $15.14.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, topping 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 the consensus estimate of $1.27 billion. During the same period in the previous year, the business earned ($1.08) EPS. The business’s quarterly revenue was up 78.3% compared to the same quarter last year. Sell-side analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction on 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 sale, the director directly owned 29,122 shares of the company’s stock, valued at approximately $566,422.90. This trade represents a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 172,504 shares of company stock valued at $3,012,734 over the last ninety days. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Brighton Jones LLC boosted its holdings in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after acquiring an additional 3,864 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.5% during the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock valued at $4,733,000 after acquiring an additional 5,590 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Rivian Automotive by 10.1% during the first quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares in the last quarter. Focus Partners Wealth raised its position in shares of Rivian Automotive by 29.0% during the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after purchasing an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Rivian Automotive by 57.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after purchasing an additional 1,856 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.