Rivian Automotive (NASDAQ:RIVN) Rating Increased to Neutral at DA Davidson

Rivian Automotive (NASDAQ:RIVN) was upgraded by investment analysts at DA Davidson from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a $14.00 price objective on the electric vehicle automaker’s stock. DA Davidson’s price objective suggests a potential downside of 6.98% from the company’s previous close.

A number of other brokerages also recently weighed in on RIVN. Robert W. Baird upgraded Rivian Automotive from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $14.00 to $25.00 in a report on Thursday, December 18th. TD Cowen raised Rivian Automotive from a “hold” rating to a “buy” rating and increased their price objective for the stock from $17.00 to $20.00 in a research note on Tuesday, March 10th. Wolfe Research lowered Rivian Automotive from a “peer perform” rating to an “underperform” rating in a research report on Monday, January 12th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Rivian Automotive in a research note on Monday, February 9th. Finally, Canaccord Genuity Group upped their target price on Rivian Automotive from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, March 20th. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.05.

Rivian Automotive Trading Up 3.9%

Rivian Automotive stock opened at $15.05 on Wednesday. Rivian Automotive has a 52 week low of $10.36 and a 52 week high of $22.69. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.89 and a current ratio of 2.33. The firm has a market capitalization of $18.68 billion, a price-to-earnings ratio of -4.90 and a beta of 1.75. The company has a 50 day moving average price of $15.40 and a 200 day moving average price of $15.92.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 67.68% and a negative return on equity of 65.05%. The company’s revenue was down 25.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.70) EPS. Research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 34,900 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total transaction of $586,320.00. Following the completion of the sale, the chief executive officer directly owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 27,133 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $455,834.40. Following the completion of the transaction, the chief financial officer owned 680,836 shares in the company, valued at $11,438,044.80. This trade represents a 3.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 131,833 shares of company stock worth $2,196,995 over the last ninety days. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. Core Wealth Advisors LLC bought a new position in Rivian Automotive during the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. grew its position in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,395 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Rivian Automotive during the 4th quarter worth $33,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Rivian Automotive by 96.3% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 852 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of Rivian Automotive by 113.6% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares in 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.