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

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

Other research analysts have also recently issued research reports about the company. Canaccord Genuity Group lifted their target price on Rivian Automotive from $20.00 to $30.00 and gave the company a buy rating in a research report on Monday, July 1st. Royal Bank of Canada lifted their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a report on Monday, July 1st. Mizuho increased their price objective on shares of Rivian Automotive from $11.00 to $15.00 and gave the company a neutral rating in a research note on Friday, July 12th. Barclays boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an equal weight rating in a research note on Monday, July 1st. Finally, Guggenheim began 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $19.46.

Rivian Automotive Price Performance

Shares of NASDAQ:RIVN opened at $17.19 on Monday. The firm has a 50 day moving average of $12.39 and a 200-day moving average of $12.84. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. 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 stock has a market capitalization of $17.11 billion, a PE ratio of -2.98 and a beta of 2.08.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data 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). The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates 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 research analysts predict that Rivian Automotive will post -4.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were 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 of the company’s stock, valued at approximately $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred 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 directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive 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 sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 414,287 shares of company stock worth $6,293,588. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. bought a new stake in Rivian Automotive during the 4th quarter worth approximately $26,000. Principal Securities Inc. bought a new stake in Rivian Automotive during the fourth quarter worth $33,000. Arlington Trust Co LLC purchased a new stake in Rivian Automotive in the 4th quarter valued at $35,000. Fairman Group LLC bought a new position in Rivian Automotive during the 4th quarter valued at $36,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Rivian Automotive by 86.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after acquiring an additional 784 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.