Rivian Automotive (NASDAQ:RIVN) Downgraded to Neutral Rating by Cantor Fitzgerald

Cantor Fitzgerald cut shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to a neutral rating in a report issued on Friday, Marketbeat reports. Cantor Fitzgerald currently has $15.00 price target on the electric vehicle automaker’s stock, up from their prior price target of $13.00.

RIVN has been the topic of several other reports. Barclays boosted their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 22nd. Royal Bank of Canada reduced their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. UBS Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Piper Sandler reduced their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Finally, Sanford C. Bernstein started coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price for the company. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.50.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $12.97 on Friday. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market cap of $13.24 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. The firm has a 50 day simple moving average of $13.56 and a 200 day simple moving average of $12.53.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. Research analysts predict that Rivian Automotive will post -4.7 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of Rivian Automotive stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 366,788 shares of company stock valued at $5,024,431 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Creative Planning raised its stake in shares of Rivian Automotive by 6.7% during the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock valued at $1,298,000 after purchasing an additional 7,236 shares during the period. Blue Trust Inc. grew its holdings in Rivian Automotive by 40.3% during the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock valued at $51,000 after buying an additional 1,301 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Rivian Automotive during the third quarter valued at about $112,000. Signaturefd LLC lifted its holdings in shares of Rivian Automotive by 10.8% in the third quarter. Signaturefd LLC now owns 24,721 shares of the electric vehicle automaker’s stock worth $277,000 after buying an additional 2,413 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock valued at $608,000 after acquiring an additional 51,464 shares during the period. Hedge funds and other 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.