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

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

Several other research firms have also recently commented on RIVN. Guggenheim began coverage on Rivian Automotive in a research report on Tuesday, June 25th. They issued a buy rating and a $18.00 target price on the stock. Needham & Company LLC raised their target price on Rivian Automotive from $13.00 to $20.00 and gave the company a buy rating in a research report on Friday, June 28th. Royal Bank of Canada raised their target price on Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a research report on Monday, July 1st. Piper Sandler restated an overweight rating and issued a $21.00 target price on shares of Rivian Automotive in a research report on Wednesday, June 26th. Finally, UBS Group lifted their price target on Rivian Automotive from $10.00 to $17.00 and gave the company a neutral rating in a research report on Friday, June 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.79.

Rivian Automotive Trading Down 0.1 %

Shares of NASDAQ RIVN opened at $16.25 on Monday. The company has a market cap of $16.17 billion, a price-to-earnings ratio of -2.82 and a beta of 2.08. 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’s 50 day simple moving average is $13.03 and its 200 day simple moving average is $12.71.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Equities research analysts expect that Rivian Automotive will post -4.67 EPS for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,452,349.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on 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 completion of the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,452,349.59. The disclosure for this sale can be found here. Insiders sold a total of 485,716 shares of company stock valued at $7,509,309 over the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of the company. Bailard Inc. bought a new position in Rivian Automotive during the second quarter valued at about $406,000. Bank of New York Mellon Corp raised its holdings in Rivian Automotive by 53.8% during the second quarter. Bank of New York Mellon Corp now owns 2,972,339 shares of the electric vehicle automaker’s stock valued at $39,889,000 after buying an additional 1,039,758 shares in the last quarter. Baillie Gifford & Co. raised its holdings in Rivian Automotive by 30.5% during the second quarter. Baillie Gifford & Co. now owns 33,015,793 shares of the electric vehicle automaker’s stock valued at $443,072,000 after buying an additional 7,714,788 shares in the last quarter. &PARTNERS bought a new position in Rivian Automotive during the second quarter valued at about $1,207,000. Finally, Sloy Dahl & Holst LLC raised its holdings in Rivian Automotive by 15.0% during the second quarter. Sloy Dahl & Holst LLC now owns 58,818 shares of the electric vehicle automaker’s stock valued at $789,000 after buying an additional 7,679 shares in the last quarter. Institutional investors and hedge funds 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.