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

Rivian Automotive (NASDAQ:RIVN - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

A number of other research analysts have also recently commented on the company. Robert W. Baird decreased their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company decreased their price objective on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Wednesday, May 7th. Finally, TD Cowen started coverage on Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 price target on the stock. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.42 on Friday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50 day moving average of $13.67 and a two-hundred day moving average of $13.10. The firm has a market cap of $15.17 billion, a P/E ratio of -2.84 and a beta of 1.86. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $981.52 million. During the same period in the prior year, the business earned ($1.48) earnings per share. The business's revenue was up 3.0% compared to the same quarter last year. On average, analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at $9,596,373.75. This represents a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now directly owns 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock valued at $5,201,750 over the last quarter. 2.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after purchasing an additional 133,781 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $29,944,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $1,363,000. Groupama Asset Managment purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $26,600,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $10,448,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.