Cantor Fitzgerald Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $15.00

Rivian Automotive (NASDAQ:RIVN) had its price target decreased by analysts at Cantor Fitzgerald from $23.00 to $15.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the electric vehicle automaker’s stock. Cantor Fitzgerald’s target price would indicate a potential upside of 47.64% from the company’s current price.

Other analysts also recently issued reports about the stock. Truist Financial reaffirmed a “hold” rating and issued a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a report on Thursday, May 2nd. DA Davidson reduced their price target on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. downgraded shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $20.00 to $11.00 in a research report on Thursday, February 22nd. Finally, Robert W. Baird dropped their price objective on Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded down $0.09 during mid-day trading on Wednesday, hitting $10.16. The stock had a trading volume of 50,854,770 shares, compared to its average volume of 42,589,832. The company has a 50 day moving average of $10.37 and a two-hundred day moving average of $15.04. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. 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 firm has a market cap of $9.93 billion, a PE ratio of -1.76 and a beta of 1.91.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. Research analysts predict that Rivian Automotive will post -4.77 EPS for the current fiscal year.

Insider Activity

In related news, insider Kjell Gruner sold 19,935 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the transaction, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive 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 completion of the sale, the insider now directly owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the business’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 transaction of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC grew its holdings in shares of Rivian Automotive by 18.7% in the third quarter. Commonwealth Equity Services LLC now owns 215,885 shares of the electric vehicle automaker’s stock valued at $5,242,000 after purchasing an additional 34,044 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Rivian Automotive by 2.8% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 101,040 shares of the electric vehicle automaker’s stock valued at $2,453,000 after buying an additional 2,724 shares during the period. Xponance Inc. grew its stake in shares of Rivian Automotive by 30.5% in the third quarter. Xponance Inc. now owns 24,084 shares of the electric vehicle automaker’s stock worth $585,000 after acquiring an additional 5,622 shares in the last quarter. Raymond James & Associates increased its position in shares of Rivian Automotive by 1.2% during the third quarter. Raymond James & Associates now owns 239,852 shares of the electric vehicle automaker’s stock worth $5,824,000 after acquiring an additional 2,947 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Rivian Automotive by 22.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 271,029 shares of the electric vehicle automaker’s stock valued at $6,581,000 after acquiring an additional 49,373 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.