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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a report issued on Monday,Benzinga reports. They presently have a $13.00 price target on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price target points to a potential downside of 13.04% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Mizuho lowered their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. JPMorgan Chase & Co. lowered their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a report on Tuesday, October 22nd. Needham & Company LLC cut their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, November 8th. The Goldman Sachs Group upped their price objective on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

Rivian Automotive stock opened at $14.95 on Monday. The company has a market cap of $15.26 billion, a PE ratio of -2.67 and a beta of 2.05. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $19.76. The company has a fifty day moving average price of $12.37 and a two-hundred day moving average price of $13.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares in the company, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 256,000 shares of company stock valued at $3,312,443. 2.51% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Baillie Gifford & Co. increased its position in shares of Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares in the last quarter. Geode Capital Management LLC grew its position in Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares in the last quarter. Renaissance Technologies LLC grew its position in Rivian Automotive by 153.2% during the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock worth $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the period. Finally, abrdn plc lifted its holdings in shares of Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. 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.