Morgan Stanley Downgrades Rivian Automotive (NASDAQ:RIVN) to Equal Weight

Morgan Stanley downgraded shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to an equal weight rating in a research note released on Wednesday, MarketBeat reports. Morgan Stanley currently has $13.00 price target on the electric vehicle automaker’s stock, down from their previous price target of $16.00.

Other analysts also recently issued research reports about the company. Mizuho lifted their target price on Rivian Automotive from $11.00 to $15.00 and gave the company a neutral rating in a research report on Friday, July 12th. Truist Financial upped their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a hold rating in a report on Friday, August 2nd. The Goldman Sachs Group raised their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a neutral rating in a research report on Monday, July 1st. Wolfe Research started coverage on Rivian Automotive in a report on Thursday, September 5th. They set a peer perform rating for the company. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $19.00 price objective on shares of Rivian Automotive in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $17.91.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $11.60 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.87. The business has a 50 day simple moving average of $13.91 and a 200 day simple moving average of $12.31.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) 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 the consensus estimate 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, analysts forecast that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value 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 disclosure for this sale can be found here. Insiders have sold a total of 512,734 shares of company stock worth $8,038,565 in the last ninety days. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in Rivian Automotive by 20.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock worth $858,000 after buying an additional 6,295 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Rivian Automotive by 129.0% in the 4th quarter. Wells Fargo & Company MN now owns 817,381 shares of the electric vehicle automaker’s stock valued at $19,176,000 after acquiring an additional 460,416 shares in the last quarter. Corient Private Wealth LLC grew its position in Rivian Automotive by 12.8% in the fourth quarter. Corient Private Wealth LLC now owns 67,963 shares of the electric vehicle automaker’s stock worth $1,594,000 after acquiring an additional 7,731 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Rivian Automotive by 13.5% during the 4th quarter. Franklin Resources Inc. now owns 118,255 shares of the electric vehicle automaker’s stock valued at $2,774,000 after buying an additional 14,104 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in Rivian Automotive by 1.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 102,040 shares of the electric vehicle automaker’s stock worth $2,394,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other 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.