Rivian Automotive (NASDAQ:RIVN) Upgraded by Zacks Research to Hold Rating

Rivian Automotive (NASDAQ:RIVN) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts also recently commented on RIVN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rivian Automotive in a report on Wednesday, October 8th. Canaccord Genuity Group restated a “buy” rating and set a $21.00 target price on shares of Rivian Automotive in a research note on Friday, October 3rd. Mizuho reiterated an “underperform” rating and issued a $10.00 price target (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Morgan Stanley lowered their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Five research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.81.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $18.02 on Monday. Rivian Automotive has a twelve month low of $9.55 and a twelve month high of $18.13. The firm’s 50 day moving average price is $14.04 and its 200-day moving average price is $13.77. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $21.87 billion, a PE ratio of -5.79 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned ($1.08) earnings per share. The company’s revenue for the quarter was up 78.3% on a year-over-year basis. Equities research analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 7,247 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. This represents a 1.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 42,147 shares of company stock worth $577,593. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of large investors have recently modified their holdings of the stock. Assetmark Inc. increased its holdings in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,357 shares during the period. Banque Transatlantique SA lifted its position in Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares during the last quarter. Newbridge Financial Services Group Inc. grew its stake in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. acquired a new position in shares of Rivian Automotive in the 3rd quarter valued at $30,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the second quarter valued at $31,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.