Rivian Automotive (NASDAQ:RIVN) Rating Lowered to Equal Weight at 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, Briefing.com reports. They presently have a $13.00 target price on the electric vehicle automaker’s stock, down from their previous target price of $16.00. Morgan Stanley’s target price points to a potential upside of 9.80% from the company’s previous close.

Several other research firms also recently commented on RIVN. Truist Financial increased their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday. Wells Fargo & Company cut their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Mizuho increased their price objective on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $11.84 on Wednesday. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of -2.05 and a beta of 2.06. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The business has a fifty day simple moving average of $14.25 and a 200 day simple moving average of $12.33.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. As a group, sell-side analysts predict that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 429,401 shares of company stock valued at $7,068,569. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in RIVN. Centaurus Financial Inc. boosted its position in shares of Rivian Automotive by 35.2% during the 2nd quarter. Centaurus Financial Inc. now owns 12,843 shares of the electric vehicle automaker’s stock valued at $172,000 after acquiring an additional 3,347 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Rivian Automotive during the second quarter valued at approximately $550,000. Cetera Investment Advisers grew its stake in shares of Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock valued at $2,823,000 after purchasing an additional 18,243 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of Rivian Automotive by 149.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock worth $699,000 after buying an additional 31,232 shares in the last quarter. Finally, Regal Investment Advisors LLC lifted its position in shares of Rivian Automotive by 7.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after buying an additional 1,281 shares during the period. 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.