Rivian Automotive (NASDAQ:RIVN) Downgraded by Wall Street Zen to “Sell”

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

A number of other analysts have also recently commented on the stock. Wolfe Research cut shares of Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research note on Monday, January 12th. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Wedbush lifted their price target on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, December 19th. Mizuho restated an “underperform” rating and issued a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a research note on Monday, October 20th. Finally, Zacks Research raised Rivian Automotive from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and eight have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.23.

Rivian Automotive Stock Down 2.3%

RIVN stock opened at $15.95 on Friday. The company has a market cap of $19.55 billion, a price-to-earnings ratio of -5.13 and a beta of 1.77. Rivian Automotive has a twelve month low of $10.36 and a twelve month high of $22.69. The business has a 50 day moving average price of $18.02 and a two-hundred day moving average price of $15.14. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the business posted ($1.08) EPS. The business’s revenue was up 78.3% compared to the same quarter last year. Analysts anticipate that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 8,039 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares in the company, valued at $13,140,306. The trade was a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter Krawiec sold 3,655 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $19.45, for a total value of $71,089.75. Following the completion of the transaction, the director directly owned 29,122 shares in the company, valued at approximately $566,422.90. This represents a 11.15% 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 172,504 shares of company stock valued at $3,012,734. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of the business. Brighton Jones LLC grew its position in Rivian Automotive by 28.0% in the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after acquiring an additional 3,864 shares during the last quarter. AQR Capital Management LLC increased its position in Rivian Automotive by 1.5% during the 1st quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after purchasing an additional 5,590 shares in the last quarter. Empowered Funds LLC lifted its stake in Rivian Automotive by 10.1% in the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after purchasing an additional 4,998 shares during the last quarter. Focus Partners Wealth lifted its stake in Rivian Automotive by 29.0% in the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after purchasing an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in Rivian Automotive by 57.1% in the first quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock valued at $64,000 after buying an additional 1,856 shares in the last quarter. 66.25% of the stock is owned by 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.