Rivian Automotive (NASDAQ:RIVN) Downgraded by Morgan Stanley

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

Other research analysts have also recently issued reports about the company. UBS Group cut their price target on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Truist Financial increased their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, July 1st. Piper Sandler reiterated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Guggenheim initiated coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $17.91.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $11.17 on Wednesday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. 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’s 50-day moving average price is $14.01 and its two-hundred day moving average price is $12.32.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results 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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. On average, equities analysts anticipate that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. Insiders sold 512,734 shares of company stock worth $8,038,565 over the last ninety days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD grew its position in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Rivian Automotive by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after acquiring an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after acquiring an additional 5,937,605 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Rivian Automotive by 153.2% during the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

About Rivian Automotive

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.