Rivian Automotive (NASDAQ:RIVN) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Monday morning, Benzinga reports. The brokerage currently has a $19.00 target price on the electric vehicle automaker’s stock.

A number of other analysts have also issued reports on the company. The Goldman Sachs Group boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a neutral rating in a research note on Monday, July 1st. Piper Sandler reiterated an overweight rating and set a $21.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. JPMorgan Chase & Co. boosted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the company an underweight rating in a research note on Wednesday, June 26th. Canaccord Genuity Group boosted their price objective on Rivian Automotive from $20.00 to $30.00 and gave the company a buy rating in a research note on Monday, July 1st. Finally, Mizuho boosted their price objective on Rivian Automotive from $11.00 to $15.00 and gave the company a neutral rating in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Rivian Automotive has a consensus rating of Moderate Buy and a consensus price target of $19.67.

Rivian Automotive Stock Up 6.8 %

Shares of NASDAQ RIVN opened at $14.72 on Monday. Rivian Automotive has a one year low of $8.26 and a one year high of $25.73. The company has a debt-to-equity ratio of 0.55, a current ratio of 4.71 and a quick ratio of 3.55. The business’s fifty day moving average price is $14.14 and its 200-day moving average price is $12.55. The stock has a market capitalization of $14.65 billion, a PE ratio of -2.55 and a beta of 2.09.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.15 billion. On average, equities research analysts anticipate that Rivian Automotive will post -4.68 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction dated Friday, July 12th. The shares were 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 of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. In the last three months, insiders sold 485,716 shares of company stock worth $7,509,309. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its holdings in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares during the period. Federated Hermes Inc. lifted its holdings in Rivian Automotive by 8.2% in the 4th quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock worth $201,000 after buying an additional 651 shares during the period. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the period. Laidlaw Wealth Management LLC lifted its holdings in Rivian Automotive by 7.5% in the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after buying an additional 718 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Rivian Automotive by 28.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after buying an additional 760 shares during the period. 66.25% of the stock is currently owned by hedge funds and other 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.