Cantor Fitzgerald Reiterates “Overweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reaffirmed by stock analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They presently have a $19.00 target price on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 45.04% from the stock’s previous close.

Several other research firms have also recently weighed in on RIVN. Mizuho raised their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Morgan Stanley raised their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Barclays boosted their target price on Rivian Automotive from $14.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. The Goldman Sachs Group raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, July 1st. Finally, UBS Group decreased their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $13.10 on Monday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.87. The business has a 50-day moving average price of $14.80 and a 200-day moving average price of $12.30. The firm has a market cap of $13.21 billion, a price-to-earnings ratio of -2.27 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly 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 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. As a group, equities research analysts predict that Rivian Automotive will post -4.92 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated 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 directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,830 shares of company stock worth $7,872,145. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Quent Capital LLC raised its holdings 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 purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. bought a new position in Rivian Automotive in the fourth quarter worth approximately $33,000. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the first quarter worth $33,000. Finally, Fairman Group LLC bought a new stake in Rivian Automotive during the 4th quarter valued at $36,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.