Morgan Stanley Reaffirms “Underweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “underweight” rating restated by research analysts 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 objective indicates a potential downside of 32.24% from the company’s current price.

A number of other equities research analysts also recently commented on RIVN. Stifel Nicolaus lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 17th. Zacks Research upgraded shares of Rivian Automotive from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Friday, October 3rd. UBS Group raised their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $14.34.

Rivian Automotive Trading Up 0.6%

NASDAQ:RIVN opened at $17.71 on Monday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a fifty day simple moving average of $14.76 and a 200-day simple moving average of $14.01. The company has a market capitalization of $21.71 billion, a P/E ratio of -5.69 and a beta of 1.79. Rivian Automotive has a 12 month low of $10.36 and a 12 month high of $18.60.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 8,039 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the sale, the chief financial officer directly owned 730,017 shares of the company’s stock, valued at $13,140,306. This represents a 1.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $15.11, for a total value of $263,669.50. Following the sale, the chief executive officer owned 1,185,009 shares in the company, valued at $17,905,485.99. This trade represents a 1.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 116,499 shares of company stock worth $1,885,221. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Rivian Automotive in the second quarter valued at approximately $105,629,000. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Nuveen LLC acquired a new position in Rivian Automotive in the 1st quarter valued at $33,582,000. Capital International Investors raised its stake in Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock valued at $269,395,000 after purchasing an additional 2,161,394 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Rivian Automotive by 496.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock valued at $31,490,000 after purchasing an additional 1,918,852 shares in the last quarter. 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.