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

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

Several other equities research analysts have also recently issued reports on the company. Wedbush reissued an outperform rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price objective on Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research report on Wednesday, June 26th. Royal Bank of Canada restated a sector perform rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. Finally, Piper Sandler reissued an overweight rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $18.14.

Rivian Automotive Trading Down 3.7 %

Shares of RIVN opened at $13.23 on Tuesday. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.87. The firm has a market capitalization of $13.17 billion, a P/E ratio of -2.29 and a beta of 2.06. The firm has a 50-day moving average price of $14.96 and a 200 day moving average price of $12.24. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last posted its 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). The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. Sell-side analysts forecast that Rivian Automotive will post -4.72 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now 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 can be accessed through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were 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 directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Insiders sold 488,926 shares of company stock valued at $7,552,869 over the last three months. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. Principal Securities Inc. purchased a new position in Rivian Automotive during the 4th quarter worth $33,000. Fairman Group LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $36,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Rivian Automotive in the 4th quarter valued at about $40,000. Private Wealth Management Group LLC purchased a new stake in Rivian Automotive during the 4th quarter valued at approximately $44,000. Finally, Quent Capital LLC lifted its position in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

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.