Rivian Automotive (NASDAQ:RIVN) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report published on Tuesday, Benzinga reports. The firm currently has a $19.00 price target on the electric vehicle automaker’s stock.

Several other brokerages have also recently issued reports on RIVN. Truist Financial increased their price objective on Rivian Automotive from $13.00 to $16.00 and gave the company a hold rating in a research note on Friday, August 2nd. Wedbush reiterated an outperform rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Barclays increased their price objective on Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a research note on Tuesday, July 16th. Needham & Company LLC reduced their price objective on Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group increased their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a neutral rating in a research note on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $18.14.

Rivian Automotive Stock Up 3.5 %

NASDAQ:RIVN opened at $13.74 on Tuesday. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock’s fifty day moving average is $14.96 and its two-hundred day moving average is $12.26. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.87. The stock has a market capitalization of $13.85 billion, a price-to-earnings ratio of -2.38 and a beta of 2.07.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Research analysts anticipate that Rivian Automotive will post -4.72 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated 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 owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at approximately $10,234,023.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 488,926 shares of company stock valued at $7,552,869. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. purchased a new position in shares of Rivian Automotive during the fourth quarter worth about $33,000. Fairman Group LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at about $36,000. Pacific Capital Wealth Advisors Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at about $40,000. Private Wealth Management Group LLC acquired a new stake in Rivian Automotive in the fourth quarter valued at about $44,000. Finally, Quent Capital LLC lifted its position in Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.