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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They presently have a $19.00 target price on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price points to a potential upside of 58.60% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of Rivian Automotive in a research note on Friday, August 16th. Needham & Company LLC lowered their price target on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a report on Wednesday, June 26th. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 target price for the company. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Performance

RIVN traded up $0.27 during trading hours on Monday, hitting $11.98. 20,667,939 shares of the stock were exchanged, compared to its average volume of 40,231,488. The stock has a market cap of $11.92 billion, a price-to-earnings ratio of -2.08 and a beta of 2.06. The stock has a 50-day simple moving average of $14.48 and a 200-day simple moving average of $12.35. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.25 and a quick ratio of 4.01. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.87.

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). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Analysts anticipate that Rivian Automotive will post -4.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 500,830 shares of company stock worth $7,872,145. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIVN. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the 4th 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 buying an additional 25,550,489 shares during the period. Vanguard Group Inc. raised its holdings in shares of Rivian Automotive by 1.8% during the first quarter. Vanguard Group Inc. now owns 69,539,602 shares of the electric vehicle automaker’s stock worth $761,459,000 after acquiring an additional 1,226,357 shares in the last quarter. Baillie Gifford & Co. boosted its position in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after purchasing an additional 7,714,788 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Rivian Automotive by 1,521.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Rivian Automotive by 153.2% in the second quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.