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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $19.00 price target on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price target suggests a potential upside of 58.60% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Morgan Stanley increased their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Truist Financial boosted their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised their price target on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a research report on Wednesday, June 26th. Finally, Wolfe Research started coverage on shares of Rivian Automotive in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Up 2.3 %

Rivian Automotive stock traded up $0.27 during mid-day trading on Monday, hitting $11.98. 20,667,939 shares of the company’s stock were exchanged, compared to its average volume of 40,231,488. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.87. The stock has a 50 day moving average of $14.48 and a two-hundred day moving average of $12.35. 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 has a market cap of $11.92 billion, a P/E ratio of -2.08 and a beta of 2.06.

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

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’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 owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 200,000 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The stock was 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 owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,830 shares of company stock valued at $7,872,145. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Principal Securities Inc. acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $33,000. PNC Financial Services Group Inc. grew its position in shares of Rivian Automotive by 20.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 36,575 shares of the electric vehicle automaker’s stock worth $858,000 after buying an additional 6,295 shares during the period. Wells Fargo & Company MN grew its position in shares of Rivian Automotive by 129.0% during the 4th quarter. Wells Fargo & Company MN now owns 817,381 shares of the electric vehicle automaker’s stock worth $19,176,000 after buying an additional 460,416 shares during the period. Corient Private Wealth LLC increased its stake in shares of Rivian Automotive by 12.8% in the 4th quarter. Corient Private Wealth LLC now owns 67,963 shares of the electric vehicle automaker’s stock valued at $1,594,000 after acquiring an additional 7,731 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Rivian Automotive by 13.5% in the 4th quarter. Franklin Resources Inc. now owns 118,255 shares of the electric vehicle automaker’s stock valued at $2,774,000 after acquiring an additional 14,104 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.