Rivian Automotive’s (RIVN) Underweight Rating Reiterated at Morgan Stanley

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “underweight” rating reiterated by Morgan Stanley in a research report issued on Monday, MarketBeat.com reports. They presently have a $12.00 target price on the electric vehicle automaker’s stock. Morgan Stanley’s price target would indicate a potential downside of 33.15% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Mizuho restated an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. DA Davidson upped their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Monday, October 20th. Tigress Financial raised their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Finally, Stifel Nicolaus upped their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Six research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $14.34.

Rivian Automotive Trading Down 0.6%

Shares of NASDAQ:RIVN opened at $17.95 on Monday. The business’s 50-day moving average is $14.65 and its 200 day moving average is $13.98. Rivian Automotive has a 1 year low of $10.36 and a 1 year high of $18.60. The firm has a market capitalization of $22.01 billion, a P/E ratio of -5.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares in the company, valued at approximately $12,650,279.84. This represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 133,949 shares of company stock worth $2,129,521 over the last ninety days. Corporate insiders own 2.16% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the business. Assetmark Inc. raised its position in shares of Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,357 shares during the last quarter. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% in the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares during the period. Newbridge Financial Services Group Inc. increased its stake in Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 1,000 shares during the last quarter. Mather Group LLC. purchased a new position in Rivian Automotive during the third quarter worth about $30,000. Finally, Fairman Group LLC acquired a new stake in Rivian Automotive in the 2nd quarter worth about $31,000. 66.25% of the stock is owned by institutional investors and hedge funds.

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.