Rivian Automotive’s (RIVN) “Underweight” Rating Reaffirmed at Morgan Stanley

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “underweight” rating reaffirmed by equities researchers at Morgan Stanley in a research note issued on Monday, Marketbeat.com reports. They presently have a $12.00 price objective 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 analysts have also issued reports about the company. Stifel Nicolaus boosted their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 17th. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Wall Street Zen upgraded shares of Rivian Automotive from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. UBS Group lifted their price target on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Monday, October 6th. Finally, Tigress Financial boosted their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a report on Friday, November 14th. Six research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $14.34.

Rivian Automotive Trading Down 0.6%

NASDAQ RIVN opened at $17.95 on Monday. The company’s fifty day simple moving average is $14.65 and its 200-day simple moving average is $13.98. The stock has a market cap of $22.01 billion, a P/E ratio of -5.77 and a beta of 1.79. Rivian Automotive has a 52 week low of $10.36 and a 52 week high of $18.60. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87.

Insider Activity

In other news, CFO Claire Mcdonough sold 21,210 shares of the stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 52,350 shares of Rivian Automotive stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the sale, the chief executive officer owned 1,246,405 shares in the company, valued at approximately $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 133,949 shares of company stock worth $2,129,521. Insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

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

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.