Rivian Automotive’s (RIVN) “Overweight” Rating Reiterated at Cantor Fitzgerald

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

A number of other equities analysts also recently commented on RIVN. The Goldman Sachs Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a neutral rating in a research note on Monday, July 1st. Piper Sandler restated an overweight rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a buy rating in a research note on Monday, July 1st. Morgan Stanley upped their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, July 17th. Finally, Truist Financial increased their price target on Rivian Automotive from $13.00 to $16.00 and gave the company a hold rating in a research note on Friday, August 2nd. One equities research 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. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $18.09.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $13.93 on Monday. 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 market capitalization of $13.86 billion, a price-to-earnings ratio of -2.41 and a beta of 2.06. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.87. The business has a 50 day simple moving average of $14.91 and a 200-day simple moving average of $12.23.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.17 billion. As a group, equities research analysts expect that Rivian Automotive will post -4.82 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 71,429 shares of the 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 sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s 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 owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 417,497 shares of company stock valued at $6,732,150. 2.30% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Benjamin F. Edwards & Company Inc. bought a new stake in Rivian Automotive during the 4th quarter worth approximately $81,000. Charles Schwab Investment Management Inc. raised its holdings in Rivian Automotive by 4.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,393,539 shares of the electric vehicle automaker’s stock worth $56,152,000 after purchasing an additional 111,512 shares during the period. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. Versor Investments LP bought a new position in Rivian Automotive during the fourth quarter worth about $315,000. Finally, Jump Financial LLC bought a new stake in Rivian Automotive during the 4th quarter worth approximately $401,000. 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.