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

Cantor Fitzgerald restated their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Tuesday morning, Benzinga reports. They currently have a $19.00 price objective on the electric vehicle automaker’s stock.

A number of other equities research analysts have also commented on RIVN. Royal Bank of Canada reiterated a sector perform rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Friday, August 16th. Wedbush reiterated an outperform rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Rivian Automotive from $10.00 to $14.00 and gave the company an underweight rating in a research report on Wednesday, June 26th. Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $15.00 and set an equal weight rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial raised their price objective on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a hold rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $18.14.

Rivian Automotive Price Performance

Shares of RIVN stock opened at $13.74 on Tuesday. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The firm has a market capitalization of $13.85 billion, a price-to-earnings ratio of -2.38 and a beta of 2.07. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock’s 50-day simple moving average is $14.96 and its 200-day simple moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. As a group, equities analysts forecast that Rivian Automotive will post -4.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rivian Automotive 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 sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Rivian Automotive 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 sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following 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. In the last three months, insiders sold 488,926 shares of company stock worth $7,552,869. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently made changes to their positions in RIVN. International Assets Investment Management LLC grew its position in shares of Rivian Automotive by 1,944.2% in the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after purchasing an additional 133,428 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Rivian Automotive by 110.2% in the fourth quarter. First Horizon Advisors Inc. now owns 2,787 shares of the electric vehicle automaker’s stock valued at $65,000 after purchasing an additional 1,461 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in Rivian Automotive in the fourth quarter worth approximately $81,000. M&T Bank Corp grew its position in Rivian Automotive by 17.1% in the fourth quarter. M&T Bank Corp now owns 143,400 shares of the electric vehicle automaker’s stock worth $3,364,000 after acquiring an additional 20,975 shares during the period. Finally, Sapient Capital LLC purchased a new position in Rivian Automotive in the fourth quarter worth approximately $330,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.