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

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Monday morning, Benzinga reports. Cantor Fitzgerald currently has a $19.00 price objective on the electric vehicle automaker’s stock.

Several other research firms have also recently issued reports on RIVN. 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 note on Wednesday, June 26th. Canaccord Genuity Group raised their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a buy rating in a research note on Monday, July 1st. Morgan Stanley lifted their price objective on Rivian Automotive from $13.00 to $17.00 and gave the company an overweight rating in a research note on Wednesday, July 17th. DA Davidson lifted their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a neutral rating in a research note on Friday, June 28th. Finally, Barclays lifted their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $19.79.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $16.27 on Monday. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The stock has a market cap of $16.19 billion, a PE ratio of -2.82 and a beta of 2.08. The stock has a 50 day moving average price of $12.91 and a 200 day moving average price of $12.68.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Equities research analysts expect that Rivian Automotive will post -4.67 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s 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 sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of the company’s 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 sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the 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 transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The disclosure for this sale can be found here. Insiders sold a total of 485,716 shares of company stock valued at $7,509,309 in the last ninety days. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Large investors have recently modified their holdings of the business. SteelPeak Wealth LLC purchased a new position in shares of Rivian Automotive during the 1st quarter worth approximately $265,000. Trust Point Inc. purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $246,000. Sapient Capital LLC purchased a new position in Rivian Automotive in the 4th quarter valued at approximately $330,000. Gradient Investments LLC increased its stake in Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock valued at $58,000 after purchasing an additional 1,034 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in Rivian Automotive by 36.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock valued at $8,752,000 after purchasing an additional 101,039 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.