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

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.

A number of other research analysts also recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of Rivian Automotive from $20.00 to $30.00 and gave the stock a buy rating in a research report on Monday, July 1st. Morgan Stanley lifted their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the company an overweight rating in a research note on Wednesday, July 17th. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an underweight rating in a research note on Wednesday, June 26th. Wells Fargo & Company decreased their price objective on shares of 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. Finally, Barclays lifted their price objective on shares of 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 twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive currently has a consensus rating of Hold and an average target price of $18.14.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $13.07 on Monday. The firm’s 50 day moving average price is $14.48 and its 200-day moving average price is $12.39. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $24.87.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were 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 owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 488,926 shares of company stock worth $7,552,869. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. B. Riley Wealth Advisors Inc. grew its holdings in shares of Rivian Automotive by 149.5% in 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 purchasing an additional 31,232 shares during the period. Regal Investment Advisors LLC grew its holdings 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 purchasing an additional 1,281 shares during the period. Quarry LP purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $105,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rivian Automotive in the second quarter valued at about $9,388,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Rivian Automotive by 90.2% in the second quarter. The Manufacturers Life Insurance Company now owns 72,313 shares of the electric vehicle automaker’s stock valued at $970,000 after purchasing an additional 34,303 shares during the period. Hedge funds and other 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.