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

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 $19.00 price target on the electric vehicle automaker’s stock.

A number of other analysts have also recently commented on RIVN. Truist Financial upped their price objective on shares of Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a research report on Wednesday, June 26th. UBS Group upped their price objective on shares of Rivian Automotive from $10.00 to $17.00 and gave the company a neutral rating in a research report on Friday, June 28th. Deutsche Bank Aktiengesellschaft restated a hold rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Piper Sandler restated an overweight rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, Guggenheim started coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $19.79.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $16.25 on Monday. The firm has a fifty day moving average of $13.03 and a two-hundred day moving average of $12.71. The stock has a market capitalization of $16.17 billion, a price-to-earnings ratio of -2.82 and a beta of 2.08. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. As a group, equities research analysts predict that Rivian Automotive will post -4.67 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $18.00, for a total value of $3,600,000.00. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 485,716 shares of company stock worth $7,509,309 in the last three months. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. SteelPeak Wealth LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at about $265,000. Trust Point Inc. acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $246,000. Sapient Capital LLC acquired a new stake in Rivian Automotive during the fourth quarter worth approximately $330,000. Gradient Investments LLC lifted its position in Rivian Automotive by 72.4% during the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after acquiring an additional 1,034 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Rivian Automotive by 36.9% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock worth $8,752,000 after acquiring an additional 101,039 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.