Rivian Automotive’s (RIVN) Overweight Rating Reaffirmed at Cantor Fitzgerald

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reissued by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $13.00 price objective on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price objective would indicate a potential downside of 19.55% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird restated a “neutral” rating and set a $16.00 target price (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Mizuho decreased their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Royal Bank of Canada lowered their target price on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Truist Financial reissued a “hold” rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Friday. Finally, Wedbush reissued an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Trading Down 2.0 %

RIVN traded down $0.33 during trading on Monday, reaching $16.16. 18,687,999 shares of the company’s stock were exchanged, compared to its average volume of 57,123,777. The company’s fifty day moving average price is $12.18 and its 200-day moving average price is $12.95. The firm has a market capitalization of $16.49 billion, a PE ratio of -2.89 and a beta of 2.12. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $19.76. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now directly owns 351,900 shares in the company, valued at $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 256,000 shares of company stock worth $3,312,443. 2.51% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Baillie Gifford & Co. grew its position in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after purchasing an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after purchasing an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC increased its position in Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in Rivian Automotive in the 2nd quarter valued at approximately $9,388,000. 66.25% of the stock is currently owned by institutional investors.

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.