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

Cantor Fitzgerald downgraded shares of Rivian Automotive (NASDAQ:RIVN) from an overweight rating to a neutral rating in a report issued on Friday morning, Marketbeat.com reports. Cantor Fitzgerald currently has $15.00 target price on the electric vehicle automaker’s stock, up from their prior target price of $13.00.

A number of other equities research analysts have also issued reports on the stock. Sanford C. Bernstein began coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target on the stock. Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Truist Financial boosted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.50.

Rivian Automotive Price Performance

RIVN stock opened at $12.97 on Friday. The firm has a market cap of $13.24 billion, a P/E ratio of -2.32 and a beta of 2.04. The firm’s fifty day moving average is $13.56 and its 200 day moving average is $12.53. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last released its 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. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Research analysts predict that Rivian Automotive will post -4.7 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This trade represents a 3.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 366,788 shares of company stock worth $5,024,431 over the last quarter. 2.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tandem Financial LLC bought a new position in shares of Rivian Automotive during the 4th quarter valued at $25,000. Bank of Jackson Hole Trust bought a new position in Rivian Automotive in the fourth quarter valued at about $27,000. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive in the third quarter valued at about $28,000. Orion Capital Management LLC purchased a new position in Rivian Automotive in the fourth quarter worth about $34,000. Finally, GHP Investment Advisors Inc. grew 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 valued at $29,000 after purchasing an additional 1,002 shares during the period. Hedge funds and other 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.