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

Wall Street Zen upgraded shares of Rivian Automotive (NASDAQ:RIVN) from a sell rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

A number of other analysts have also recently issued reports on RIVN. Jefferies Financial Group increased their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Morgan Stanley lifted their price target on shares of Rivian Automotive from $13.00 to $14.00 and gave the company an “underweight” rating in a research note on Friday, July 31st. BNP Paribas Exane upped their price target on shares of Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Citigroup started coverage on shares of Rivian Automotive in a research report on Monday, September 14th. They set a “hold” rating and a $18.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.00.

Rivian Automotive Stock Performance

RIVN stock opened at $15.36 on Friday. The business’s 50-day moving average price is $16.12 and its two-hundred day moving average price is $15.91. The company has a current ratio of 2.10, a quick ratio of 1.65 and a debt-to-equity ratio of 0.87. The firm has a market cap of $22.24 billion, a PE ratio of -5.95 and a beta of 1.62. Rivian Automotive has a 1-year low of $12.39 and a 1-year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.03. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.97) earnings per share. As a group, research analysts forecast that Rivian Automotive will post -2.98 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 8,023 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $16.00, for a total transaction of $128,368.00. Following the transaction, the chief financial officer directly owned 819,178 shares of the company’s stock, valued at $13,106,848. This represents a 0.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 56,167 shares of company stock worth $963,306. Corporate insiders own 1.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Reynders McVeigh Capital Management LLC lifted its position in Rivian Automotive by 6.8% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 15,767 shares of the electric vehicle automaker’s stock worth $274,000 after buying an additional 1,000 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Rivian Automotive by 2.3% during the 2nd quarter. Tidal Investments LLC now owns 292,956 shares of the electric vehicle automaker’s stock worth $5,083,000 after buying an additional 6,566 shares during the last quarter. MCF Advisors LLC grew its holdings in shares of Rivian Automotive by 3,500.0% in the 2nd quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after acquiring an additional 1,750 shares in the last quarter. National Pension Service bought a new position in shares of Rivian Automotive in the 2nd quarter valued at about $790,000. Finally, Integrated Wealth Concepts LLC increased its position in shares of Rivian Automotive by 21.4% in the second quarter. Integrated Wealth Concepts LLC now owns 33,437 shares of the electric vehicle automaker’s stock valued at $580,000 after acquiring an additional 5,896 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.