Cantor Fitzgerald Reaffirms Overweight Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $19.00 target price on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 29.52% from the company’s current price.

Several other research firms also recently issued reports on RIVN. Mizuho upped their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, July 12th. The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Canaccord Genuity Group increased their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Guggenheim assumed coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a “buy” rating and a $18.00 price objective for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.92.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded down $0.05 during midday trading on Monday, reaching $14.67. The company’s stock had a trading volume of 33,875,328 shares, compared to its average volume of 43,116,027. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average price of $13.82 and a 200 day moving average price of $12.54. Rivian Automotive has a one year low of $8.26 and a one year high of $25.74. The company has a market cap of $14.60 billion, a price-to-earnings ratio of -2.54 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities research analysts expect that Rivian Automotive will post -4.68 EPS for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the completion of the sale, the chief executive officer now owns 909,691 shares in the company, valued at $15,482,940.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $17.02, for a total value of $1,215,721.58. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $15,482,940.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The disclosure for this sale can be found here. Insiders sold 485,716 shares of company stock worth $7,509,309 in the last quarter. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after acquiring an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its stake in shares of Rivian Automotive by 1.8% in the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after buying an additional 1,226,357 shares during the period. Baillie Gifford & Co. raised its stake in shares of Rivian Automotive by 30.5% in the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock worth $443,072,000 after buying an additional 7,714,788 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock worth $69,291,000 after buying an additional 5,937,605 shares during the period. Finally, Norges Bank bought a new position in shares of Rivian Automotive in the fourth quarter worth about $129,427,000. Institutional investors own 66.25% of the company’s stock.

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.