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

Rivian Automotive (NASDAQ:RIVN) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Other analysts also recently issued reports about the company. UBS Group reissued a “sell” rating and issued a $15.00 target price (up from $13.00) on shares of Rivian Automotive in a report on Wednesday, January 14th. Needham & Company LLC lifted their price target on Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. Zacks Research raised shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Tigress Financial upped their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and a consensus target price of $16.74.

Rivian Automotive Stock Up 7.9%

Shares of NASDAQ:RIVN opened at $14.81 on Friday. The firm has a 50 day simple moving average of $17.89 and a 200-day simple moving average of $15.26. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $18.16 billion, a PE ratio of -4.76 and a beta of 1.76.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the firm posted ($1.08) EPS. The company’s revenue was up 78.3% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,039 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the transaction, the chief financial officer owned 730,017 shares in the company, valued at approximately $13,140,306. This represents a 1.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of Rivian Automotive stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $19.45, for a total transaction of $71,089.75. Following the completion of the sale, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. The trade was a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 172,504 shares of company stock valued at $3,012,734 over the last three months. 2.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock valued at $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors lifted its holdings in shares of Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after buying an additional 2,161,394 shares during the period. Geode Capital Management LLC boosted its stake in shares of Rivian Automotive by 4.9% in the second quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker’s stock valued at $200,200,000 after buying an additional 689,045 shares in the last quarter. Soma Equity Partners LP grew its holdings in Rivian Automotive by 9.9% during the third quarter. Soma Equity Partners LP now owns 9,204,745 shares of the electric vehicle automaker’s stock worth $135,126,000 after acquiring an additional 829,782 shares during the period. Finally, Norges Bank purchased a new position in Rivian Automotive in the second quarter worth $105,629,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.