Cantor Fitzgerald Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $19.00

Rivian Automotive (NASDAQ:RIVN) had its price objective hoisted by stock analysts at Cantor Fitzgerald from $15.00 to $19.00 in a note issued to investors on Wednesday, Briefing.com reports. The firm currently has an “overweight” rating on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 58.86% from the company’s current price.

A number of other equities analysts also recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 8th. Truist Financial lifted their price target on Rivian Automotive from $10.00 to $13.00 and gave the stock a “hold” rating in a report on Wednesday. Mizuho lowered their price target on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Wedbush raised their price objective on shares of Rivian Automotive from $15.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, UBS Group upgraded shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.04.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $11.96 on Wednesday. The firm has a 50-day simple moving average of $10.35 and a 200-day simple moving average of $13.54. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $11.90 billion, a price-to-earnings ratio of -2.07 and a beta of 2.01. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities analysts predict that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive during the fourth quarter worth about $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive during the third quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its holdings in Rivian Automotive by 975.4% in the 1st 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 in the last quarter. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new position in Rivian Automotive during the first quarter worth $33,000. 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.