Rivian Automotive (NASDAQ:RIVN) Downgraded to Neutral Rating by Cantor Fitzgerald

Rivian Automotive (NASDAQ:RIVN) was downgraded by equities researchers at Cantor Fitzgerald from an “overweight” rating to a “neutral” rating in a report released on Friday, MarketBeat reports. They currently have a $15.00 price target on the electric vehicle automaker’s stock, up from their previous price target of $13.00. Cantor Fitzgerald’s price target would suggest a potential upside of 15.65% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. UBS Group boosted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Thursday, January 16th. Wedbush reiterated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and a consensus price target of $15.09.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $12.97 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $13.24 billion, a P/E ratio of -2.75 and a beta of 2.04. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The stock’s fifty day moving average is $13.56 and its two-hundred day moving average is $12.51.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the sale, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,788 shares of company stock valued at $5,024,431 in the last ninety days. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of the business. Dimension Capital Management LLC raised its stake in shares of Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock worth $208,000 after buying an additional 819 shares in the last quarter. Tradition Wealth Management LLC raised its stake in shares of Rivian Automotive by 7.2% during the 4th quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock worth $168,000 after buying an additional 849 shares in the last quarter. John G Ullman & Associates Inc. raised its stake in shares of Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares in the last quarter. Finally, RFG Holdings Inc. raised its stake in shares of Rivian Automotive by 5.2% during the 4th quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after buying an additional 1,096 shares in the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.