Rivian Automotive’s (RIVN) Overweight Rating Reiterated at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Wednesday, Benzinga reports. The firm currently has a $13.00 price target on the electric vehicle automaker’s stock.

A number of other research analysts have also recently commented on the company. Truist Financial boosted their price objective on Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a research note on Wednesday. Cantor Fitzgerald upped their price target on Rivian Automotive from $15.00 to $19.00 and gave the stock an overweight rating in a report on Wednesday. Guggenheim initiated coverage on shares of Rivian Automotive in a research report on Tuesday. They set a buy rating and a $18.00 target price on the stock. Wedbush upped their target price on shares of Rivian Automotive from $15.00 to $20.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $14.00 to $10.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of Moderate Buy and a consensus target price of $19.63.

Rivian Automotive Stock Down 7.3 %

Shares of NASDAQ:RIVN opened at $13.42 on Wednesday. The stock has a 50-day simple moving average of $10.68 and a 200-day simple moving average of $13.52. The stock has a market capitalization of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities analysts forecast that Rivian Automotive will post -4.94 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp lifted its stake in Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the last quarter. Morgan Stanley grew its position in Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after purchasing an additional 1,193,650 shares during the last quarter. Trust Point Inc. bought a new position in Rivian Automotive in the 4th quarter worth about $246,000. Sapient Capital LLC bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $330,000. Finally, Gradient Investments LLC boosted its position in shares of Rivian Automotive by 72.4% during the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after buying an additional 1,034 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.