Cantor Fitzgerald Reiterates “Overweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a report 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 indicates a potential upside of 43.61% from the stock’s previous close.

RIVN has been the subject of several other reports. UBS Group dropped their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Canaccord Genuity Group raised their target price on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a report on Monday, July 1st. The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Monday, July 1st. Truist Financial raised their target price on shares of Rivian Automotive from $13.00 to $16.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. One equities research 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, the company presently has a consensus rating of “Hold” and a consensus price target of $18.09.

Rivian Automotive Stock Performance

Shares of RIVN opened at $13.23 on Monday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The company has a 50-day simple moving average of $14.91 and a 200-day simple moving average of $12.23. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.87. The company has a market capitalization of $13.34 billion, a PE ratio of -2.29 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results 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). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Equities research analysts predict that Rivian Automotive will post -4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The sale was disclosed in a filing with the SEC, which is available at this link. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 transaction, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $14.97, for a total transaction of $1,069,292.13. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $13,618,074.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 417,497 shares of company stock valued at $6,732,150. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new position in shares of Rivian Automotive during the second quarter worth $550,000. Cetera Investment Advisers lifted its position in shares of Rivian Automotive by 9.5% during the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock worth $2,823,000 after purchasing an additional 18,243 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Rivian Automotive by 149.5% during the second quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock worth $699,000 after purchasing an additional 31,232 shares in the last quarter. Regal Investment Advisors LLC lifted its position in shares of Rivian Automotive by 7.0% during the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Rivian Automotive during the second quarter worth $105,000. 66.25% of the stock is 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.