Rivian Automotive (NASDAQ:RIVN) Given New $12.00 Price Target at Morgan Stanley

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by Morgan Stanley from $13.00 to $12.00 in a report published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the electric vehicle automaker’s stock.

A number of other brokerages have also recently commented on RIVN. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Piper Sandler raised their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Thursday, May 22nd. Robert W. Baird dropped their price objective on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Mizuho raised their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Friday, May 16th. Finally, Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.69.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $12.28 on Wednesday. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $17.15. The company’s 50 day moving average is $13.24 and its 200 day moving average is $12.95. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The company has a market cap of $13.89 billion, a PE ratio of -3.80 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%. The business had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the company posted ($1.46) EPS. Rivian Automotive’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at $22,780,584.96. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer owned 824,875 shares in the company, valued at approximately $12,694,826.25. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. 2.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Capital International Investors purchased a new position in shares of Rivian Automotive during the 4th quarter worth $144,030,000. Norges Bank acquired a new stake in shares of Rivian Automotive during the 2nd quarter worth about $105,629,000. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after purchasing an additional 5,610,688 shares during the last quarter. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% during the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Rivian Automotive during the 1st quarter worth about $33,582,000. 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.