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

Cantor Fitzgerald reissued their overweight rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Monday,Benzinga reports. The firm currently has a $13.00 price target on the electric vehicle automaker’s stock.

Several other equities analysts have also issued reports on RIVN. Mizuho reduced their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Robert W. Baird restated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Wells Fargo & Company lowered their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Truist Financial restated a “hold” rating and set a $12.00 price target on shares of Rivian Automotive in a research report on Friday. Finally, Canaccord Genuity Group lowered their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Trading Down 4.7 %

Shares of RIVN stock opened at $15.72 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company has a market capitalization of $16.04 billion, a price-to-earnings ratio of -2.81 and a beta of 2.05. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $19.76. The company has a 50-day simple moving average of $12.28 and a two-hundred day simple moving average of $13.00.

Insider Activity

In other news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $13.88, for a total value of $991,434.52. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,983,450.68. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 256,000 shares of company stock worth $3,312,443 in the last three months. Corporate insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Several hedge funds have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after purchasing an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. increased its position in shares of Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC raised its holdings in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after buying an additional 148,197 shares in the last quarter. 66.25% of the stock is currently owned by 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.