Rivian Automotive (NASDAQ:RIVN) Cut to Sell at Wall Street Zen

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

A number of other equities analysts have also recently issued reports on the company. Royal Bank Of Canada increased their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $18.00 to $20.00 in a research note on Monday, July 27th. Needham & Company LLC reiterated a “buy” rating on shares of Rivian Automotive in a research report on Monday, August 10th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Finally, Wells Fargo & Company increased their price objective on Rivian Automotive from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.05.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $15.74 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. The company has a 50-day moving average of $16.55 and a 200-day moving average of $15.89. Rivian Automotive has a 52 week low of $12.39 and a 52 week high of $22.69. The company has a market capitalization of $22.79 billion, a price-to-earnings ratio of -6.10 and a beta of 1.62.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.03. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the firm posted ($0.97) earnings per share. The firm’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, equities research analysts anticipate that Rivian Automotive will post -2.98 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CFO Claire McDonough sold 8,023 shares of the 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 sale, the chief financial officer directly owned 819,178 shares in the company, valued at $13,106,848. This represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the director directly owned 110,000 shares of the company’s stock, valued at $2,200,000. This represents a 15.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 41,167 shares of company stock valued at $718,956. Company insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the business. Brighton Jones LLC increased its stake in shares of 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 buying an additional 3,864 shares in the last quarter. AQR Capital Management LLC lifted 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 buying an additional 5,590 shares in the last quarter. Empowered Funds LLC lifted its position in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock worth $679,000 after buying an additional 4,998 shares in the last quarter. Focus Partners Wealth grew its holdings in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock worth $803,000 after acquiring an additional 14,497 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.