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

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

A number of other analysts have also recently commented on RIVN. Guggenheim initiated coverage on Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 price target for the company. Mizuho upped their price target on Rivian Automotive from $11.00 to $15.00 and gave the company a neutral rating in a research note on Friday, July 12th. Royal Bank of Canada upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a research note on Monday, July 1st. 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 report on Monday, July 1st. Finally, 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 report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $19.67.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $14.72 on Monday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $14.65 billion, a P/E ratio of -2.55 and a beta of 2.09. The business has a 50-day moving average of $14.14 and a 200-day moving average of $12.55. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $25.73.

Rivian Automotive (NASDAQ:RIVN) last announced 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). The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. On average, equities analysts anticipate that Rivian Automotive will post -4.68 EPS for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction 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 in the company, valued at approximately $10,234,023.75. 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 71,429 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now 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 can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $18.00, for a total value of $3,600,000.00. Following the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. In the last quarter, insiders have sold 485,716 shares of company stock worth $7,509,309. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RIVN. Trust Point Inc. bought a new position in shares of Rivian Automotive in the fourth quarter worth $246,000. Arizona State Retirement System boosted its stake in Rivian Automotive by 1.7% in the fourth quarter. Arizona State Retirement System now owns 180,905 shares of the electric vehicle automaker’s stock valued at $4,244,000 after buying an additional 3,011 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Rivian Automotive by 1,944.2% in the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after buying an additional 133,428 shares in the last quarter. Allworth Financial LP boosted its stake in Rivian Automotive by 409.3% in the fourth quarter. Allworth Financial LP now owns 23,131 shares of the electric vehicle automaker’s stock valued at $543,000 after buying an additional 18,589 shares in the last quarter. Finally, Stratos Wealth Partners LTD. boosted its stake in Rivian Automotive by 9.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 13,039 shares of the electric vehicle automaker’s stock valued at $306,000 after buying an additional 1,164 shares in the last quarter. 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.