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

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

Several other equities analysts have also recently issued reports on RIVN. UBS Group decreased their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a neutral rating for the company in a research note on Wednesday, August 7th. Truist Financial raised their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a hold rating in a report on Friday, August 2nd. Barclays boosted their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Tuesday, July 16th. Guggenheim initiated coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a buy rating and a $18.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $17.91.

Rivian Automotive Trading Up 1.3 %

NASDAQ RIVN opened at $10.78 on Monday. The stock has a market cap of $10.73 billion, a P/E ratio of -1.87 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The company has a fifty day simple moving average of $13.53 and a two-hundred day simple moving average of $12.30. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results 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). The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, analysts forecast that Rivian Automotive will post -4.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Friday, August 16th. The stock was 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 $5,328,423.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The disclosure for this sale can be found here. Insiders have sold 512,734 shares of company stock worth $8,038,565 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quent Capital LLC increased its stake in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its position in Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares in the last quarter. Benjamin Edwards Inc. acquired a new stake in Rivian Automotive in the first quarter valued at $33,000. Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $36,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive during the 2nd quarter worth $37,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.