Rivian Automotive (NASDAQ:RIVN) Stock Rating Reaffirmed by Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN - Free Report) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $19.00 target price on the electric vehicle automaker's stock.

RIVN has been the subject of a number of other reports. Morgan Stanley upped their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an overweight rating in a research note on Wednesday, July 17th. 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. JPMorgan Chase & Co. lifted their price objective on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an underweight rating in a research report on Wednesday, June 26th. Guggenheim initiated coverage on shares of Rivian Automotive in a research note on Tuesday, June 25th. They issued a buy rating and a $18.00 target price for the company. Finally, Needham & Company LLC reduced their price target on Rivian Automotive from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $18.14.

Rivian Automotive Trading Down 6.9 %

Rivian Automotive stock traded down $0.98 during trading hours on Tuesday, hitting $13.15. The company had a trading volume of 21,340,298 shares, compared to its average volume of 41,347,160. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The firm has a market cap of $13.09 billion, a P/E ratio of -2.32 and a beta of 2.09. The company has a 50-day moving average price of $14.98 and a two-hundred day moving average price of $12.27. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $24.87.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (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 the consensus estimate of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, sell-side analysts anticipate that Rivian Automotive will post -4.72 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $17.02, for a total value of $1,215,721.58. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company's stock, valued at approximately $15,482,940.82. The disclosure for this sale can be found here. Insiders have sold 488,926 shares of company stock valued at $7,552,869 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Assenagon Asset Management S.A. grew its holdings in Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker's stock valued at $492,000 after buying an additional 604 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock valued at $38,000 after buying an additional 670 shares during the last quarter. Laidlaw Wealth Management LLC boosted its stake in Rivian Automotive by 7.5% during the fourth quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker's stock worth $241,000 after buying an additional 718 shares during the period. GAMMA Investing LLC increased its position in shares of Rivian Automotive by 28.0% during the second quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker's stock valued at $47,000 after acquiring an additional 760 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of Rivian Automotive by 18.3% during the fourth quarter. Quadrant Capital Group LLC now owns 5,191 shares of the electric vehicle automaker's stock valued at $122,000 after acquiring an additional 802 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other 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.