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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reiterated by equities researchers at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They currently have a $19.00 price target on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 60.47% from the stock’s previous close.

RIVN has been the subject of a number of other reports. Canaccord Genuity Group increased their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. Piper Sandler restated an “overweight” rating and issued a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Needham & Company LLC decreased their price objective on Rivian Automotive from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wolfe Research initiated coverage on Rivian Automotive in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Truist Financial upped their price objective on Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and an average target price of $18.09.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $11.84 on Monday. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.87. The business’s 50-day moving average price is $14.25 and its 200 day moving average price is $12.33. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm has a market cap of $11.78 billion, a P/E ratio of -2.05 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities research analysts expect that Rivian Automotive will post -4.92 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a filing with the SEC, which is accessible 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 on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $13,618,074.27. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were 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 owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 429,401 shares of company stock valued at $7,068,569. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RIVN. Principal Securities Inc. bought a new position in Rivian Automotive during the fourth quarter worth $33,000. Fairman Group LLC acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $36,000. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $51,000. Finally, FinTrust Capital Advisors LLC boosted its position in Rivian Automotive by 552.5% during the 4th quarter. FinTrust Capital Advisors LLC now owns 2,610 shares of the electric vehicle automaker’s stock valued at $61,000 after purchasing an additional 2,210 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.