Rivian Automotive (NASDAQ:RIVN) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report released on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $19.00 target price on the electric vehicle automaker’s stock.

Several other equities analysts also recently weighed in on RIVN. Needham & Company LLC reduced their price target on Rivian Automotive from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a report on Wednesday, June 26th. Truist Financial increased their price target on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a hold rating in a report on Friday, August 2nd. Barclays boosted their price objective on shares of Rivian Automotive from $14.00 to $16.00 and gave the stock an equal weight rating in a report on Tuesday, July 16th. Finally, Morgan Stanley downgraded Rivian Automotive from an overweight rating to an equal weight rating and cut their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $17.91.

Rivian Automotive Stock Up 1.3 %

Shares of NASDAQ RIVN opened at $10.78 on Monday. The firm has a fifty day simple moving average of $13.53 and a two-hundred day simple moving average of $12.30. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. 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 firm has a market capitalization of $10.73 billion, a PE ratio of -1.87 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last released 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 net margin of 115.50% and a negative return on equity of 65.40%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Equities analysts expect that Rivian Automotive will post -4.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 512,734 shares of company stock worth $8,038,565. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Rivian Automotive by 35.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock worth $2,277,304,000 after purchasing an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. boosted its position in Rivian Automotive by 714.3% during the first quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Rivian Automotive by 1,521.2% in 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. Vanguard Group Inc. raised its holdings in Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Rivian Automotive by 153.2% during 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 buying an additional 3,285,867 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

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.