Shares of Rivian Automotive (RIVN -8.33%) tumbled in Thursday morning trading, down 6.3% as of 11:30 a.m. ET. Don't blame Rivian for the sell-off, though, because all the news on the electric truck start-up today is uniformly good.
In fact, we've got two positive news items on the radar for Rivian. In item No. 1, investment bank Morgan Stanley just put out a report on a survey of its clients who invest in EV stocks. As TheFly.com reports, Morgan Stanley's survey shows that 87% of investors prefer Rivian stock over that of rival Lucid Motors (LCID -2.89%).
Morgan Stanley seconds that emotion. The bank currently has an underweight rating on Lucid on worries that Lucid costs more than its target market of premium-priced, luxury electric vehicles can support (and Morgan Stanley predicts more than 40% downside as Lucid slides to $16 a share over the next year). Rivian stock, in contrast, gets an overweight rating from the analyst -- and Morgan Stanley thinks Rivian will get to $147 a share, more than doubling over the next 12 months.
That sounded like good news for Rivian, but as it turned out, that report was mistaken. Amazon confirms that in fact, it still owns 162.1 million Rivian shares, which comprises an 18.1% ownership stake in the company worth nearly $10 billion investment, but this stake has not changed since December.