Rivian Automotive (NASDAQ:RIVN) Earns "Sell (D-)" Rating from Weiss Ratings

Key Points

• Rivian Automotive has received a "sell (D-)" rating from Weiss Ratings, reaffirming the negative outlook for its stock.
• The company reported a quarterly loss of ($0.97) earnings per share, missing analyst expectations, despite a slight increase in revenue year-over-year.
• A significant number of institutional investors have increased their stakes in Rivian, with 66.25% of the stock now owned by these entities.

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by investment analysts at Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

RIVN has been the topic of a number of other reports. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. raised their price objective on Rivian Automotive from $9.00 to $10.00 and gave the company an "underweight" rating in a report on Monday, October 20th. Canaccord Genuity Group reissued a "buy" rating and set a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Stifel Nicolaus decreased their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Mizuho reissued an "underperform" rating and set a $10.00 price objective (down from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of "Reduce" and an average target price of $13.76.

Rivian Automotive Price Performance

Shares of RIVN traded down $0.11 during trading hours on Friday, reaching $12.98. 28,281,534 shares of the company's stock traded hands, compared to its average volume of 34,466,384. The stock has a market cap of $15.75 billion, a PE ratio of -4.02 and a beta of 1.82. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm's 50 day simple moving average is $13.70 and its 200-day simple moving average is $13.51. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.46) earnings per share. Equities analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,147 shares of company stock worth $577,593 over the last three months. Corporate insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Rivian Automotive by 2.6% during the second quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock valued at $1,086,507,000 after purchasing an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rivian Automotive by 4.9% during the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after purchasing an additional 689,045 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Rivian Automotive by 11.2% during the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after purchasing an additional 809,064 shares in the last quarter. Norges Bank bought a new position in shares of Rivian Automotive during the second quarter valued at $105,629,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rivian Automotive by 15.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 5,849,818 shares of the electric vehicle automaker's stock valued at $80,376,000 after acquiring an additional 799,030 shares during the period. 66.25% of the stock is owned by institutional investors.

About Rivian Automotive

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.

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