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

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

RIVN has been the topic of a number of other reports. UBS Group lowered their target price on Rivian Automotive from $17.00 to $16.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Canaccord Genuity Group lifted their target price on Rivian Automotive from $20.00 to $30.00 and gave the stock a buy rating in a report on Monday, July 1st. Morgan Stanley lifted their target price on Rivian Automotive from $13.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, July 17th. Needham & Company LLC lowered their target price on Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the stock a neutral rating in a report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive has an average rating of Hold and a consensus target price of $18.09.

Rivian Automotive Stock Up 1.9 %

Shares of NASDAQ RIVN opened at $13.15 on Monday. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The firm’s 50-day simple moving average is $14.61 and its 200 day simple moving average is $12.32. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated 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 transaction, the chief executive officer now 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 is available at this hyperlink. In other Rivian Automotive news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction dated 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 transaction, the chief executive officer now 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 is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $14.97, for a total value of $1,069,292.13. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $13,618,074.27. The disclosure for this sale can be found here. Insiders have sold a total of 500,830 shares of company stock valued at $7,872,145 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently made changes to their positions in RIVN. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rivian Automotive by 35.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock valued at $277,046,000 after buying an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rivian Automotive by 1,521.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares during the last quarter. Norges Bank acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $129,427,000. Finally, Vanguard Group Inc. lifted its holdings in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.