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

Morgan Stanley restated their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note published on Wednesday, Benzinga reports. Morgan Stanley currently has a $13.00 price objective on the electric vehicle automaker’s stock.

A number of other equities research analysts have also recently weighed in on the stock. 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. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Mizuho dropped their target price on Rivian Automotive from $12.00 to $11.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. UBS Group raised Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price target for the company in a research report on Tuesday, April 16th. Finally, Cantor Fitzgerald increased their price objective on shares of Rivian Automotive from $15.00 to $19.00 and gave the company an overweight rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of Moderate Buy and a consensus price target of $19.63.

Rivian Automotive Stock Down 7.3 %

Shares of NASDAQ:RIVN opened at $13.42 on Wednesday. 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 has a 52-week low of $8.26 and a 52-week high of $28.06. The firm has a market capitalization of $13.36 billion, a P/E ratio of -2.33 and a beta of 2.01. The stock has a 50 day moving average price of $10.68 and a 200-day moving average price of $13.48.

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

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Rivian Automotive by 35.7% during the 4th 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 buying an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rivian Automotive by 1,521.2% in 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 purchasing an additional 5,937,605 shares during the period. Norges Bank bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $129,427,000. Finally, Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 7.0% during the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after buying an additional 4,467,881 shares in the last quarter. Institutional investors 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.