Rivian Automotive (NASDAQ:RIVN) Stock Rating Reaffirmed by Cantor Fitzgerald

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They presently have a $19.00 price objective on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 68.59% from the stock’s previous close.

Several other brokerages have also recently weighed in on RIVN. Canaccord Genuity Group upped their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. 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 research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.91.

Rivian Automotive Price Performance

NASDAQ RIVN traded down $0.33 during trading hours on Monday, reaching $11.27. The company’s stock had a trading volume of 7,578,934 shares, compared to its average volume of 40,131,066. The firm’s 50-day moving average price is $13.91 and its 200-day moving average price is $12.31. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of -1.97 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations 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 predict that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Robert J. Scaringe sold 200,000 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s 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 sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 512,734 shares of company stock worth $8,038,565. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently bought and sold shares of the stock. Fairman Group LLC purchased a new stake in Rivian Automotive during the 4th quarter worth about $36,000. Quent Capital LLC increased its holdings in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after acquiring an additional 831 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in shares of Rivian Automotive in the 4th quarter valued at about $51,000. FinTrust Capital Advisors LLC increased its holdings in shares of Rivian Automotive by 552.5% in the 4th quarter. FinTrust Capital Advisors LLC now owns 2,610 shares of the electric vehicle automaker’s stock valued at $61,000 after acquiring an additional 2,210 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of 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 acquiring an additional 2,380 shares during the last quarter. 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.