Rivian Automotive (NASDAQ:RIVN) Given New $13.00 Price Target at Morgan Stanley

Rivian Automotive (NASDAQ:RIVN) had its target price boosted by stock analysts at Morgan Stanley from $12.00 to $13.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the electric vehicle automaker’s stock. Morgan Stanley’s target price would indicate a potential downside of 24.90% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. TD Cowen reiterated a “buy” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 3rd. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. UBS Group upped their price objective on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 6th. Finally, Jefferies Financial Group raised their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Twelve analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.86.

Rivian Automotive Stock Performance

Shares of RIVN opened at $17.31 on Tuesday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a 50-day moving average of $15.79 and a two-hundred day moving average of $16.17. The stock has a market cap of $21.48 billion, a P/E ratio of -5.93 and a beta of 1.60. Rivian Automotive has a one year low of $11.57 and a one year high of $22.69.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned ($0.48) earnings per share. The company’s revenue was up 11.4% on a year-over-year basis. As a group, research analysts predict that Rivian Automotive will post -3.07 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the director directly owned 110,000 shares in the company, valued at $2,200,000. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $15.00, for a total value of $522,270.00. Following the sale, the chief executive officer owned 922,286 shares in the company, valued at $13,834,290. This trade represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 78,630 shares of company stock valued at $1,309,504. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Newbridge Financial Services Group Inc. grew its holdings 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 period. Core Wealth Advisors LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. SOA Wealth Advisors LLC. lifted its position in shares of Rivian Automotive by 894.2% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after buying an additional 1,395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Rivian Automotive during the 3rd quarter valued at approximately $31,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Rivian Automotive in the 4th quarter valued at $33,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.