Rivian Automotive (NASDAQ:RIVN) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVNFree Report) in a report released on Wednesday, Benzinga reports. They currently have a $23.00 price target on the electric vehicle automaker’s stock.

Other equities analysts have also recently issued reports about the stock. UBS Group reaffirmed a sell rating and set a $8.00 price target (down from $24.00) on shares of Rivian Automotive in a research note on Friday, February 23rd. Truist Financial reaffirmed a hold rating and set a $11.00 price target (down from $26.00) on shares of Rivian Automotive in a research note on Monday, February 26th. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and set a $15.00 price target on shares of Rivian Automotive in a research note on Tuesday. Stifel Nicolaus lowered their price target on shares of Rivian Automotive from $23.00 to $18.00 and set a buy rating on the stock in a research note on Monday, February 26th. Finally, Piper Sandler raised shares of Rivian Automotive from a neutral rating to an overweight rating and upped their price target for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $19.91.

View Our Latest Stock Analysis on RIVN

Rivian Automotive Stock Performance

Shares of RIVN opened at $10.54 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. The stock has a market capitalization of $10.30 billion, a P/E ratio of -1.84 and a beta of 1.88. The company’s fifty day moving average is $13.01 and its two-hundred day moving average is $16.98. Rivian Automotive has a 1 year low of $10.05 and a 1 year high of $28.06.

Rivian Automotive (NASDAQ:RIVNGet Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. On average, sell-side analysts predict that Rivian Automotive will post -4.79 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of RIVN. PNC Financial Services Group Inc. boosted its position in shares of Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock worth $528,000 after acquiring an additional 2,532 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after acquiring an additional 515 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Rivian Automotive in the first quarter worth approximately $493,000. MetLife Investment Management LLC acquired a new position in Rivian Automotive during the first quarter valued at approximately $231,000. Finally, Rhumbline Advisers lifted its position in Rivian Automotive by 5.3% during the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after buying an additional 6,690 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

(Get Free Report)

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.

See Also

Analyst Recommendations for Rivian Automotive (NASDAQ:RIVN)

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