Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $12.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for Rivian Automotive from $13.00 to $12.00, maintaining an "equal weight" rating, indicating a potential downside of 0.29% from the current price.
• Recent performances from various analysts show a split in ratings, with four sell ratings, eighteen holds, and five buys, reflecting mixed sentiments on Rivian's stock outlook.
• Rivian reported an earnings miss in its latest quarter, with a loss of $0.97 per share compared to the projected loss of $0.65, despite a revenue increase of 12.5% year-over-year.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price reduced by stock analysts at Morgan Stanley from $13.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the electric vehicle automaker's stock. Morgan Stanley's price objective suggests a potential downside of 0.29% from the company's current price.

Several other research firms also recently commented on RIVN. Needham & Company LLC reduced their price objective on Rivian Automotive from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price objective on shares of Rivian Automotive in a research note on Wednesday, May 14th. Stifel Nicolaus reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. reduced their price objective on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a research note on Wednesday, August 6th. Finally, Piper Sandler increased their target price on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Thursday, May 22nd. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and an average price target of $13.69.

Rivian Automotive Stock Up 0.5%

Shares of NASDAQ:RIVN traded up $0.07 on Wednesday, hitting $12.04. 10,236,334 shares of the company's stock were exchanged, compared to its average volume of 32,913,742. The firm's 50-day moving average is $13.28 and its 200 day moving average is $12.96. The company has a market capitalization of $13.61 billion, a PE ratio of -3.73 and a beta of 1.80. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The firm had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the company earned ($1.46) earnings per share. Sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the sale, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 71,428 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,780,584.96. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,757 shares of company stock worth $2,995,557. 2.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new position in Rivian Automotive in the first quarter valued at about $1,382,000. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $29,944,000. Caisse Des Depots ET Consignations purchased a new stake in shares of Rivian Automotive during the first quarter worth about $2,807,000. Symmetry Investments LP purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $357,000. Finally, Mmbg Investment Advisors CO. purchased a new stake in shares of Rivian Automotive during the first quarter worth about $274,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.

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