Rivian Automotive (NASDAQ:RIVN) Receives "Underperform" Rating from Mizuho

Key Points

• Mizuho downgraded Rivian Automotive's stock rating from "neutral" to "underperform," setting a price target of $10, indicating a potential downside of 23.25% from current levels.
• Despite the downgrade, other analysts have varied opinions, with UBS raising its price target to $13 and Canaccord Genuity maintaining a "buy" rating with a target of $21.
• Rivian's recent quarterly earnings showed a loss of ($0.97) per share, missing estimates, although revenue of $1.30 billion slightly surpassed expectations.

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "underperform" rating restated by analysts at Mizuho in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They presently have a $10.00 target price on the electric vehicle automaker's stock, down from their prior target price of $14.00. Mizuho's price objective would suggest a potential downside of 21.13% from the stock's previous close.

RIVN has been the topic of a number of other research reports. Cfra Research upgraded shares of Rivian Automotive to a "moderate sell" rating in a research report on Thursday, October 2nd. Wedbush dropped their target price on shares of Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. UBS Group boosted their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, October 6th. JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive presently has an average rating of "Reduce" and a consensus target price of $13.72.

Rivian Automotive Trading Down 2.7%

RIVN traded down $0.35 during trading on Monday, reaching $12.68. 5,747,265 shares of the company's stock were exchanged, compared to its average volume of 35,792,535. Rivian Automotive has a one year low of $9.50 and a one year high of $17.15. 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 stock has a market capitalization of $15.39 billion, a PE ratio of -3.93 and a beta of 1.82. The firm has a fifty day moving average price of $13.60 and a two-hundred day moving average price of $13.46.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results 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). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm earned ($1.46) earnings per share. The company's revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company's stock in a transaction on 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 sale, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the company'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 sale, the chief financial officer 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock valued at $577,593 in the last 90 days. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in Rivian Automotive during the first quarter valued at about $1,382,000. Caisse Des Depots ET Consignations purchased a new stake in Rivian Automotive during the first quarter valued at about $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive during the first quarter valued at about $311,000. Intech Investment Management LLC lifted its holdings in Rivian Automotive by 522.0% during the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker's stock valued at $4,370,000 after purchasing an additional 294,539 shares during the last quarter. Finally, Udine Wealth Management Inc. purchased a new stake in Rivian Automotive during the second quarter valued at about $937,000. 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.