Cantor Fitzgerald Reaffirms Overweight Rating for Rivian Automotive (NASDAQ:RIVN)

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

A number of other research analysts also recently issued reports on the company. Barclays upped their price target on Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a report on Tuesday, July 16th. JPMorgan Chase & Co. raised their target price on Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research report on Wednesday, June 26th. UBS Group reduced their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a neutral rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC dropped their price objective on shares of Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Finally, Guggenheim assumed coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $17.91.

Rivian Automotive Stock Up 1.9 %

NASDAQ:RIVN opened at $10.64 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market cap of $10.73 billion, a P/E ratio of -1.83 and a beta of 2.06. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The firm has a 50-day simple moving average of $13.65 and a two-hundred day simple moving average of $12.31.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly 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 firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Analysts predict that Rivian Automotive will post -4.92 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $16,374,438. The sale was disclosed in a filing with the SEC, which is available through 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 stock was sold at an average price of $14.97, for a total value of $1,069,292.13. Following the completion of the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $13,618,074.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 512,734 shares of company stock valued at $8,038,565. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of RIVN. Centaurus Financial Inc. lifted its stake in shares of Rivian Automotive by 35.2% in the 2nd quarter. Centaurus Financial Inc. now owns 12,843 shares of the electric vehicle automaker’s stock valued at $172,000 after purchasing an additional 3,347 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Rivian Automotive during the second quarter worth $550,000. Cetera Investment Advisers increased its position in Rivian Automotive by 9.5% during the second quarter. Cetera Investment Advisers now owns 210,381 shares of the electric vehicle automaker’s stock valued at $2,823,000 after acquiring an additional 18,243 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in 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 valued at $699,000 after acquiring an additional 31,232 shares during the last quarter. Finally, Regal Investment Advisors LLC raised 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 valued at $262,000 after acquiring an additional 1,281 shares during the period. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

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.