Rivian Automotive (NASDAQ:RIVN) Stock Rating Lowered by Morgan Stanley

Rivian Automotive (NASDAQ:RIVN) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $13.00 price target on the electric vehicle automaker’s stock, down from their prior price target of $16.00. Morgan Stanley’s price target points to a potential upside of 16.38% from the company’s previous close.

A number of other analysts have also commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Wolfe Research started coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Wednesday, August 7th. DA Davidson raised their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Stock Up 1.3 %

RIVN stock opened at $11.17 on Wednesday. The firm has a market cap of $11.12 billion, a PE ratio of -1.94 and a beta of 2.06. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.87. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. The firm has a 50 day simple moving average of $14.01 and a 200 day simple moving average of $12.32.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Equities research analysts forecast that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders sold 512,734 shares of company stock valued at $8,038,565 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its holdings in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. grew its position in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares in the last quarter. Laidlaw Wealth Management LLC grew its position in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after buying an additional 718 shares in the last quarter. GAMMA Investing LLC increased its stake in Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock valued at $47,000 after acquiring an additional 760 shares during the period. Finally, Certuity LLC raised its holdings in Rivian Automotive by 8.1% in the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after acquiring an additional 815 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.