Rivian Automotive (NASDAQ:RIVN) Upgraded at Zacks Research

Zacks Research upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other research analysts also recently commented on RIVN. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. UBS Group boosted their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Monday, August 25th. Guggenheim lowered Rivian Automotive from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, Mizuho reiterated an “underperform” rating and issued a $10.00 target price (down previously from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Five analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $13.81.

Rivian Automotive Stock Performance

RIVN opened at $17.52 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.71. Rivian Automotive has a 52-week low of $9.55 and a 52-week high of $18.13. The firm has a market cap of $21.26 billion, a P/E ratio of -5.63 and a beta of 1.81. The business’s fifty day moving average is $14.10 and its 200-day moving average is $13.79.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.02. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the business posted ($1.08) earnings per share. Rivian Automotive’s revenue was up 78.3% compared to the same quarter last year. Sell-side analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the transaction, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction dated Monday, August 18th. The shares were 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 in the company, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 42,147 shares of company stock valued at $577,593. Insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock worth $235,000 after purchasing an additional 3,864 shares during the period. Brown Advisory Inc. raised its position in Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock worth $405,000 after purchasing an additional 772 shares during the last quarter. Xponance Inc. lifted its holdings in Rivian Automotive by 5.8% during the 1st quarter. Xponance Inc. now owns 79,120 shares of the electric vehicle automaker’s stock worth $985,000 after buying an additional 4,329 shares during the period. Ballentine Partners LLC acquired a new position in Rivian Automotive during the 1st quarter worth about $199,000. Finally, Arizona State Retirement System grew its position in shares of Rivian Automotive by 0.8% in the 1st quarter. Arizona State Retirement System now owns 219,583 shares of the electric vehicle automaker’s stock valued at $2,734,000 after buying an additional 1,738 shares during the last quarter. 66.25% of the stock is owned by 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.