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

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report sent to investors on Monday, Benzinga reports. They currently have a $19.00 target price on the electric vehicle automaker’s stock.

A number of other analysts have also recently issued reports on RIVN. Morgan Stanley boosted their target price on Rivian Automotive from $13.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, July 17th. DA Davidson boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a neutral rating in a research note on Friday, June 28th. Barclays raised their target price on shares of Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. upped their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research report on Wednesday, June 26th. Finally, Piper Sandler restated an overweight rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $19.92.

Rivian Automotive Price Performance

NASDAQ:RIVN traded up $0.19 during trading hours on Monday, reaching $14.80. 30,589,227 shares of the company were exchanged, compared to its average volume of 43,065,457. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $25.74. The stock has a 50 day simple moving average of $13.82 and a 200 day simple moving average of $12.54. 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 issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, research analysts anticipate that Rivian Automotive will post -4.68 earnings per share for the current year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $16,374,438. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’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 transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 485,716 shares of company stock valued at $7,509,309. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of RIVN. Bear Mountain Capital Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $26,000. Principal Securities Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at $33,000. Arlington Trust Co LLC bought a new stake in shares of Rivian Automotive during the 4th quarter worth $35,000. Fairman Group LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth $36,000. Finally, Parkside Financial Bank & Trust increased its stake in Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after purchasing an additional 784 shares in the last quarter. 66.25% of the stock is currently owned by 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.