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

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research report issued on Monday,Benzinga reports. They currently have a $13.00 target price on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price indicates a potential downside of 13.04% from the company’s current price.

RIVN has been the subject of several other reports. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Piper Sandler reduced their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Tuesday, September 10th. Mizuho reduced their target price on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Canaccord Genuity Group dropped their price target on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Down 4.9 %

Rivian Automotive stock opened at $14.95 on Monday. The firm’s 50 day moving average price is $12.37 and its two-hundred day moving average price is $13.03. The firm has a market cap of $15.26 billion, a PE ratio of -2.67 and a beta of 2.05. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $19.76. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 256,000 shares of company stock worth $3,312,443 in the last ninety days. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. raised its stake in shares of Rivian Automotive by 6.7% in the 2nd quarter. Principal Financial Group Inc. now owns 61,220 shares of the electric vehicle automaker’s stock valued at $822,000 after buying an additional 3,849 shares in the last quarter. Commonwealth Equity Services LLC raised its position in Rivian Automotive by 8.5% in the second quarter. Commonwealth Equity Services LLC now owns 258,323 shares of the electric vehicle automaker’s stock worth $3,467,000 after purchasing an additional 20,232 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Rivian Automotive by 29.3% during the second quarter. CIBC Asset Management Inc now owns 30,817 shares of the electric vehicle automaker’s stock worth $414,000 after purchasing an additional 6,981 shares during the period. Rhumbline Advisers boosted its holdings in Rivian Automotive by 17.9% during the second quarter. Rhumbline Advisers now owns 905,190 shares of the electric vehicle automaker’s stock valued at $12,148,000 after purchasing an additional 137,341 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Rivian Automotive by 9.2% in the 2nd quarter. Arizona State Retirement System now owns 199,765 shares of the electric vehicle automaker’s stock valued at $2,681,000 after purchasing an additional 16,879 shares during the period. 66.25% of the stock is owned by institutional investors.

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.