Rivian Automotive (NASDAQ:RIVN) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note released on Monday, Benzinga reports. The brokerage currently has a $19.00 price objective on the electric vehicle automaker’s stock.

Other equities analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Canaccord Genuity Group lifted their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a buy rating in a research report on Monday, July 1st. Truist Financial lifted their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a hold rating in a research report on Friday, August 2nd. Mizuho lifted their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a neutral rating in a research report on Friday, July 12th. Finally, Barclays lifted their price target on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an equal weight rating in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $18.09.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $12.90 on Monday. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.87. The stock has a market cap of $13.01 billion, a PE ratio of -2.24 and a beta of 2.06. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm’s 50 day moving average price is $14.68 and its two-hundred day moving average price is $12.32.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. As a group, analysts forecast that Rivian Automotive will post -4.92 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,830 shares of company stock worth $7,872,145. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Quent Capital LLC grew its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $33,000. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive during the 1st quarter worth about $33,000. Finally, Fairman Group LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth about $36,000. Institutional investors 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.