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

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note released on Monday,Benzinga reports. They currently have a $13.00 price target on the electric vehicle automaker’s stock.

Several other research firms also recently weighed in on RIVN. Morgan Stanley downgraded Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, November 11th. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Needham & Company LLC cut their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $15.48.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $15.72 on Monday. The firm has a 50 day simple moving average of $12.28 and a 200 day simple moving average of $13.00. The company has a market cap of $16.04 billion, a price-to-earnings ratio of -2.81 and a beta of 2.05. Rivian Automotive has a one year low of $8.26 and a one year high of $19.76. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 256,000 shares of company stock worth $3,312,443. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its holdings in shares of Rivian Automotive by 6.7% during the second quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker’s stock valued at $822,000 after buying an additional 3,849 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Rivian Automotive by 8.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 258,323 shares of the electric vehicle automaker’s stock valued at $3,467,000 after purchasing an additional 20,232 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Rivian Automotive by 29.3% during the 2nd quarter. CIBC Asset Management Inc now owns 30,817 shares of the electric vehicle automaker’s stock worth $414,000 after purchasing an additional 6,981 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Rivian Automotive by 17.9% in the second quarter. Rhumbline Advisers now owns 905,190 shares of the electric vehicle automaker’s stock worth $12,148,000 after purchasing an additional 137,341 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Rivian Automotive by 9.2% in the second quarter. Arizona State Retirement System now owns 199,765 shares of the electric vehicle automaker’s stock valued at $2,681,000 after purchasing an additional 16,879 shares in the last quarter. 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.