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

Rivian Automotive (NASDAQ:RIVN) was downgraded by analysts at Cantor Fitzgerald from an “overweight” rating to a “neutral” rating in a report released on Friday, Marketbeat.com reports. They presently have a $15.00 target price on the electric vehicle automaker’s stock, up from their previous target price of $13.00. Cantor Fitzgerald’s price objective points to a potential upside of 15.65% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Guggenheim dropped their target price on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Piper Sandler lowered their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Wedbush reiterated an “outperform” rating and issued a $20.00 price target on shares of Rivian Automotive in a report on Friday, November 8th. Finally, Benchmark initiated coverage on shares of Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.09.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $12.97 on Friday. 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 firm’s 50-day moving average is $13.56 and its 200-day moving average is $12.51. Rivian Automotive has a 52-week low of $8.26 and a 52-week high of $18.85. The company has a market cap of $13.24 billion, a price-to-earnings ratio of -2.75 and a beta of 2.04.

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

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $15.00, for a total transaction of $277,515.00. Following the sale, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,788 shares of company stock worth $5,024,431 over the last quarter. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in RIVN. Baillie Gifford & Co. raised its stake in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Capital International Investors acquired a new stake in Rivian Automotive during the fourth quarter worth about $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at approximately $123,308,000. Northern Trust Corp boosted its stake in shares of Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock worth $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Finally, Twinbeech Capital LP purchased a new position in Rivian Automotive during the fourth quarter worth approximately $29,944,000. Institutional investors own 66.25% of the company’s stock.

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.