Morgan Stanley Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $17.00

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by Morgan Stanley from $13.00 to $17.00 in a research note released on Wednesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the electric vehicle automaker’s stock.

A number of other equities research analysts also recently commented on RIVN. Cantor Fitzgerald reaffirmed an overweight rating and issued a $19.00 price objective on shares of Rivian Automotive in a research report on Monday, July 15th. Wells Fargo & Company lowered their price objective on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC lifted their target price on Rivian Automotive from $13.00 to $20.00 and gave the company a buy rating in a report on Friday, June 28th. Deutsche Bank Aktiengesellschaft reiterated a hold rating and issued a $15.00 target price on shares of Rivian Automotive in a report on Tuesday, April 2nd. Finally, Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They issued a buy rating and a $18.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $19.79.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $16.75 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The stock has a fifty day moving average of $12.66 and a two-hundred day moving average of $12.82. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, analysts forecast that Rivian Automotive will post -4.95 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 414,287 shares of company stock valued at $6,293,588. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive in the fourth quarter valued at about $26,000. Principal Securities Inc. bought a new stake in Rivian Automotive in the fourth quarter valued at about $33,000. Arlington Trust Co LLC bought a new stake in Rivian Automotive in the fourth quarter valued at about $35,000. Fairman Group LLC bought a new stake in Rivian Automotive in the fourth quarter valued at about $36,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 784 shares during the last quarter. 66.25% of the stock is owned by institutional investors.

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.