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

Cantor Fitzgerald reaffirmed their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report published on Monday, Benzinga reports. Cantor Fitzgerald currently has a $19.00 target price on the electric vehicle automaker’s stock.

Several other research firms have also commented on RIVN. Wells Fargo & Company reduced their price target 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. UBS Group dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft restated a hold rating and set a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a buy rating and a $18.00 price objective on the stock. Finally, Needham & Company LLC dropped 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. One investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $18.09.

Rivian Automotive Stock Down 1.5 %

Shares of NASDAQ:RIVN opened at $12.90 on Monday. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of -2.24 and a beta of 2.06. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average price is $14.68 and its two-hundred day moving average price is $12.32.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data 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%. On average, research analysts forecast that Rivian Automotive will post -4.92 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,830 shares of company stock worth $7,872,145. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. Quent Capital LLC increased 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 worth $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive during the first quarter valued at approximately $33,000. Finally, Fairman Group LLC bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds 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.