Morgan Stanley Reiterates “Overweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $13.00 price target on the electric vehicle automaker’s stock. Morgan Stanley’s price objective points to a potential downside of 10.16% from the company’s previous close.

Several other brokerages also recently commented on RIVN. Jefferies Financial Group began coverage on Rivian Automotive in a report on Thursday, March 7th. They set a “buy” rating and a $16.00 price target on the stock. Mizuho lowered their price target on Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Guggenheim started coverage on Rivian Automotive in a report on Tuesday. They set a “buy” rating and a $18.00 price target on the stock. Barclays lowered their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Friday, April 19th. Finally, Piper Sandler restated an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Rivian Automotive Price Performance

Shares of RIVN opened at $14.47 on Wednesday. Rivian Automotive has a twelve month low of $8.26 and a twelve month 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. The firm’s 50 day moving average price is $10.59 and its 200 day moving average price is $13.56. The firm has a market cap of $14.40 billion, a PE ratio of -2.51 and a beta of 2.01.

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

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the period. Westwood Holdings Group Inc. lifted its holdings in shares of Rivian Automotive by 240.3% during the first quarter. Westwood Holdings Group Inc. now owns 273,801 shares of the electric vehicle automaker’s stock valued at $2,998,000 after acquiring an additional 193,345 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Rivian Automotive by 2.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 384,101 shares of the electric vehicle automaker’s stock valued at $4,149,000 after acquiring an additional 9,508 shares during the period. EULAV Asset Management lifted its holdings in shares of Rivian Automotive by 33.3% during the first quarter. EULAV Asset Management now owns 680,000 shares of the electric vehicle automaker’s stock valued at $7,446,000 after acquiring an additional 170,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Rivian Automotive by 571.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 502,949 shares of the electric vehicle automaker’s stock valued at $5,507,000 after acquiring an additional 428,050 shares during the period. 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.