Rivian Automotive (NASDAQ:RIVN) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Rivian Automotive (NASDAQ:RIVN) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Mizuho lifted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Wednesday, August 6th. UBS Group lifted their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Cfra Research upgraded Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Finally, Wall Street Zen lowered Rivian Automotive from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Five equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.90.

Rivian Automotive Price Performance

RIVN stock opened at $12.91 on Tuesday. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive has a 52-week low of $9.50 and a 52-week high of $17.15. The stock’s 50 day moving average is $13.58 and its two-hundred day moving average is $13.44. The company has a market capitalization of $15.67 billion, a PE ratio of -4.00 and a beta of 1.82.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the firm earned ($1.46) earnings per share. Rivian Automotive’s revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the transaction, the chief executive officer owned 1,316,205 shares in the company, valued at $18,426,870. The trade was a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 7,247 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares of the company’s stock, valued at $9,694,384.60. This represents 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. Insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its position in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after purchasing an additional 1,357 shares during the period. Banque Transatlantique SA raised its stake in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 1,000 shares in the last quarter. Fairman Group LLC bought a new stake in Rivian Automotive during the 2nd quarter valued at $31,000. Finally, WPG Advisers LLC bought a new stake in Rivian Automotive during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.