Rivian Automotive (NASDAQ:RIVN) Downgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to an equal weight rating in a report released on Wednesday morning, MarketBeat reports. They currently have $13.00 price objective on the electric vehicle automaker’s stock, down from their prior price objective of $16.00.

A number of other brokerages also recently issued reports on RIVN. Wolfe Research assumed coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a peer perform rating for the company. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald restated an overweight rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Monday. Barclays upped their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Tuesday, July 16th. Finally, Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $15.00 and set an equal weight rating on the stock in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of Hold and an average price target of $17.91.

Rivian Automotive Stock Down 6.8 %

NASDAQ:RIVN opened at $11.03 on Wednesday. The firm has a market capitalization of $10.98 billion, a P/E ratio of -1.91 and a beta of 2.06. The company’s fifty day moving average price is $14.13 and its 200-day moving average price is $12.33. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.87. 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 (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, equities research analysts anticipate that Rivian Automotive will post -4.8 EPS for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $15,482,940.82. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders sold 512,734 shares of company stock worth $8,038,565 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

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