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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by equities research analysts at Cantor Fitzgerald in a research report issued on Monday, Benzinga reports. They currently have a $19.00 price target on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 45.04% from the company’s current price.

A number of other equities analysts have also weighed in on RIVN. Wells Fargo & Company reduced their price objective on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Friday, August 16th. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They set a “buy” rating and a $18.00 price objective on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $14.00 target price on shares of Rivian Automotive in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.09.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.10 on Monday. The firm has a market capitalization of $13.21 billion, a P/E ratio of -2.27 and a beta of 2.06. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.87. 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 moving average price of $14.80 and a 200 day moving average price of $12.30.

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

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at approximately $12,127,675.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $12,127,675.68. The disclosure for this sale can be found here. Insiders sold a total of 500,830 shares of company stock valued at $7,872,145 over the last quarter. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth about $550,000. Cetera Investment Advisers boosted its position in Rivian Automotive by 9.5% in the 2nd quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock valued at $2,823,000 after buying an additional 18,243 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in Rivian Automotive by 149.5% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 52,117 shares of the electric vehicle automaker’s stock valued at $699,000 after buying an additional 31,232 shares during the period. Regal Investment Advisors LLC grew its stake in shares of Rivian Automotive by 7.0% in the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after acquiring an additional 1,281 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Rivian Automotive during the second quarter worth $105,000. 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.