Cantor Fitzgerald Reiterates “Overweight” Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $19.00 price objective on the electric vehicle automaker’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 81.99% from the stock’s previous close.

RIVN has been the subject of several other research reports. UBS Group lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Piper Sandler restated an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday, June 26th. Canaccord Genuity Group increased their price target on shares of Rivian Automotive from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, Guggenheim started coverage on shares of Rivian Automotive in a research report on Tuesday, June 25th. They set a “buy” rating and a $18.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.91.

Rivian Automotive Stock Performance

RIVN opened at $10.44 on Monday. The company’s fifty day moving average price is $13.79 and its two-hundred day moving average price is $12.32. The company has a market cap of $10.39 billion, a price-to-earnings ratio of -1.81 and a beta of 2.06. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. On average, analysts expect that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the transaction, the chief financial officer now directly 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 SEC, which is accessible through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the business’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 sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 512,734 shares of company stock valued at $8,038,565. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quent Capital LLC grew its holdings in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares in the last quarter. Benjamin Edwards Inc. purchased a new stake in Rivian Automotive during the 1st quarter worth approximately $33,000. Fairman Group LLC purchased a new position in shares of Rivian Automotive during the 4th quarter valued at approximately $36,000. Finally, International Assets Investment Management LLC bought a new position in Rivian Automotive during the 2nd quarter valued at $37,000. 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.