Rivian Automotive (NASDAQ:RIVN) Receives “Neutral” Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their neutral rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research note issued to investors on Wednesday,Benzinga reports. Cantor Fitzgerald currently has a $15.00 price objective on the electric vehicle automaker’s stock.

A number of other brokerages have also recently issued reports on RIVN. Needham & Company LLC reduced their price objective on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Guggenheim restated a “buy” rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday. Robert W. Baird lowered their price objective on Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Mizuho reduced their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, TD Cowen began coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $13.99.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $12.70 on Wednesday. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average price is $11.88 and its two-hundred day moving average price is $12.28. The firm has a market capitalization of $14.36 billion, a P/E ratio of -2.69 and a beta of 1.86. Rivian Automotive has a 1 year low of $9.25 and a 1 year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, research analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. This represents a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,154,905 over the last ninety days. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. World Investment Advisors LLC lifted its holdings in Rivian Automotive by 8.6% in the third quarter. World Investment Advisors LLC now owns 18,165 shares of the electric vehicle automaker’s stock valued at $204,000 after buying an additional 1,446 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Rivian Automotive in the third quarter valued at $28,000. GAMMA Investing LLC boosted its stake in Rivian Automotive by 82.6% during the 4th quarter. GAMMA Investing LLC now owns 8,893 shares of the electric vehicle automaker’s stock valued at $118,000 after purchasing an additional 4,022 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Rivian Automotive by 12.1% during the fourth quarter. Nordea Investment Management AB now owns 63,074 shares of the electric vehicle automaker’s stock valued at $901,000 after buying an additional 6,817 shares during the last quarter. Finally, Green Alpha Advisors LLC boosted its holdings in Rivian Automotive by 15.4% during the 4th quarter. Green Alpha Advisors LLC now owns 61,893 shares of the electric vehicle automaker’s stock worth $823,000 after acquiring an additional 8,262 shares during the last quarter. 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.