Rivian Automotive (NASDAQ:RIVN) Upgraded to Hold at Wall Street Zen

Rivian Automotive (NASDAQ:RIVN - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Sunday.

Other equities research analysts also recently issued reports about the stock. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. TD Cowen initiated coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a "hold" rating and a $12.70 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group dropped their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average target price of $14.33.

Rivian Automotive Stock Down 1.5%

RIVN traded down $0.20 during trading hours on Friday, hitting $13.57. 28,129,094 shares of the company's stock were exchanged, compared to its average volume of 36,158,898. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $18.86. The firm has a 50 day moving average of $13.89 and a 200 day moving average of $13.17. The firm has a market cap of $15.34 billion, a P/E ratio of -3.65 and a beta of 1.86. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same period in the prior year, the firm earned ($1.48) EPS. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. Analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the sale, the chief executive officer now owns 853,011 shares in the company, valued at approximately $9,596,373.75. This trade represents a 7.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the sale, the chief financial officer now owns 851,637 shares of the company's stock, valued at $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock worth $5,201,750 in the last 90 days. Company insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in RIVN. Brighton Jones LLC lifted its stake in shares of Rivian Automotive by 28.0% in the 4th 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 during the period. CIBC Asset Management Inc increased its holdings in shares of Rivian Automotive by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 32,374 shares of the electric vehicle automaker's stock valued at $431,000 after purchasing an additional 1,756 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Rivian Automotive by 29.2% during the fourth quarter. Global Retirement Partners LLC now owns 25,341 shares of the electric vehicle automaker's stock worth $337,000 after buying an additional 5,731 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Rivian Automotive by 30.6% during the fourth quarter. Private Advisor Group LLC now owns 64,870 shares of the electric vehicle automaker's stock worth $863,000 after buying an additional 15,213 shares in the last quarter. Finally, Ieq Capital LLC boosted its holdings in Rivian Automotive by 6.7% during the fourth quarter. Ieq Capital LLC now owns 101,585 shares of the electric vehicle automaker's stock worth $1,351,000 after buying an additional 6,344 shares in the last quarter. Institutional investors and hedge funds 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.