Rivian Automotive (NASDAQ:RIVN) Rating Reiterated by Morgan Stanley

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

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC reissued a buy rating and issued a $13.00 price target on shares of Rivian Automotive in a report on Wednesday, May 8th. Mizuho reduced their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research report on Wednesday, May 8th. Guggenheim assumed coverage on shares of Rivian Automotive in a report on Tuesday. They issued a buy rating and a $18.00 price target on the stock. Barclays reduced their price objective on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating for the company in a report on Friday, April 19th. Finally, Piper Sandler restated an overweight rating and issued a $21.00 target price on shares of Rivian Automotive in a research note on Wednesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.17.

Rivian Automotive Trading Up 23.2 %

NASDAQ:RIVN opened at $14.74 on Wednesday. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The firm has a 50-day moving average price of $10.47 and a two-hundred day moving average price of $13.55. 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 has a market cap of $14.67 billion, a price-to-earnings ratio of -2.55 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities analysts expect that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the fourth 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 acquiring an additional 25,550,489 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock valued at $761,459,000 after purchasing an additional 1,226,357 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Morgan Stanley lifted its position in Rivian Automotive by 14.0% in the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock worth $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 buying an additional 5,937,605 shares in the last quarter. Hedge funds and other 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.