Wall Street Zen Upgrades Rivian Automotive (NASDAQ:RIVN) to “Hold”

Rivian Automotive (NASDAQ:RIVN) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other equities research analysts have also commented on RIVN. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Stifel Nicolaus increased their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Needham & Company LLC decreased their target price 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. Jefferies Financial Group reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, The Goldman Sachs Group lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus price target of $14.33.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $13.65 on Friday. The company has a market capitalization of $15.43 billion, a PE ratio of -3.67 and a beta of 1.86. Rivian Automotive has a 12 month low of $9.50 and a 12 month high of $18.86. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The firm’s 50-day moving average is $13.92 and its two-hundred day moving average is $13.17.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.48) earnings per share. Analysts predict that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $11.46, for a total value of $409,270.98. Following the completion of the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,775,506.06. The trade was a 4.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the sale, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 312,836 shares of company stock worth $4,357,459. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC lifted its position in shares of Rivian Automotive by 7.4% in the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock worth $131,000 after buying an additional 722 shares during the last quarter. Brown Advisory Inc. raised its stake in Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after acquiring an additional 772 shares during the period. First National Trust Co lifted its holdings in Rivian Automotive by 5.3% in the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock worth $199,000 after acquiring an additional 800 shares during the last quarter. Dimension Capital Management LLC lifted its holdings in Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after acquiring an additional 819 shares during the last quarter. Finally, Tradition Wealth Management LLC boosted its stake in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after acquiring an additional 849 shares during the period. 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.