Rivian Automotive’s (RIVN) Overweight Rating Reaffirmed at Cantor Fitzgerald

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

Other analysts also recently issued research reports about the stock. Piper Sandler reaffirmed an overweight rating and set a $21.00 price target on shares of Rivian Automotive in a research note on Wednesday, June 26th. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. JPMorgan Chase & Co. increased their price target 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 cut their price target on Rivian Automotive from $17.00 to $16.00 and set a neutral rating on the stock in a research note on Wednesday, August 7th. Finally, Wolfe Research began coverage on shares of Rivian Automotive in a research note on Thursday, September 5th. They issued a peer perform rating for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of Hold and a consensus price target of $17.91.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $10.64 on Monday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock’s fifty day moving average is $13.65 and its two-hundred day moving average is $12.31. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The company has a market capitalization of $10.73 billion, a PE ratio of -1.83 and a beta of 2.06.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. As a group, analysts expect that Rivian Automotive will post -4.92 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 200,000 shares of the business’s 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 in the company, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last 90 days, insiders 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

A number of institutional investors have recently bought and sold shares of RIVN. Royal London Asset Management Ltd. increased its stake in shares of Rivian Automotive by 19.6% in the second quarter. Royal London Asset Management Ltd. now owns 300,076 shares of the electric vehicle automaker’s stock worth $4,027,000 after acquiring an additional 49,216 shares during the period. AQR Capital Management LLC boosted its holdings in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after purchasing an additional 1,257,106 shares during the last quarter. SteelPeak Wealth LLC acquired a new stake in Rivian Automotive during the 1st quarter worth about $265,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter valued at about $9,388,000. Finally, Berkshire Capital Holdings Inc. lifted its holdings in shares of Rivian Automotive by 3,511,500.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 351,160 shares of the electric vehicle automaker’s stock valued at $8,238,000 after buying an additional 351,150 shares during the period. 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.