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

Cantor Fitzgerald reiterated their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $15.00 price objective on the electric vehicle automaker’s stock.

RIVN has been the subject of several other research reports. Piper Sandler raised shares of Rivian Automotive from a neutral rating to an overweight rating and lifted their price target for the company from $15.00 to $21.00 in a research note on Friday, March 15th. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research note on Thursday, March 7th. They set a buy rating and a $16.00 price target for the company. Evercore ISI reduced their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. Bank of America reduced their price objective on shares of Rivian Automotive from $40.00 to $25.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft reissued a hold rating and issued a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $19.00.

Rivian Automotive Stock Up 0.5 %

Shares of NASDAQ:RIVN opened at $11.02 on Monday. The business has a 50 day simple moving average of $10.20 and a two-hundred day simple moving average of $13.78. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The firm has a market capitalization of $10.97 billion, a PE ratio of -1.91 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. On average, equities analysts predict that Rivian Automotive will post -4.96 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Bear Mountain Capital Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $26,000. Ancora Advisors LLC acquired a new position in shares of Rivian Automotive during the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive during the 1st quarter worth about $33,000. 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.