Rivian Automotive’s (RIVN) Underperform Rating Reaffirmed at Mizuho

Mizuho reiterated their underperform rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Monday, MarketBeat reports. The firm currently has a $10.00 price target on the electric vehicle automaker’s stock, down from their previous price target of $14.00.

RIVN has been the subject of a number of other research reports. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. The Goldman Sachs Group increased their price objective on Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, September 29th. Canaccord Genuity Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. Guggenheim downgraded Rivian Automotive from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Finally, Morgan Stanley decreased their price objective on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $13.76.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $13.08 on Monday. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. The company has a market cap of $15.87 billion, a PE ratio of -4.05 and a beta of 1.82. The business has a 50 day moving average of $13.63 and a 200 day moving average of $13.47. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $17.15.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.46) EPS. As a group, equities research analysts forecast that Rivian Automotive will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company’s stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the 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 sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,147 shares of company stock worth $577,593. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the business. Assetmark Inc. boosted its position in shares of Rivian Automotive by 315.6% during the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the second quarter valued at $31,000. Banque Transatlantique SA boosted its position in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 2,243 shares during the last quarter. Finally, WPG Advisers LLC purchased a new stake in shares of Rivian Automotive during the first quarter valued at $34,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.