Cantor Fitzgerald Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $15.00

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by Cantor Fitzgerald from $23.00 to $15.00 in a report issued on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the electric vehicle automaker’s stock.

Several other research firms have also commented on RIVN. DA Davidson lowered their price target on Rivian Automotive from $19.00 to $17.00 and set a neutral rating for the company in a research report on Thursday, February 22nd. Morgan Stanley decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an overweight rating for the company in a report on Thursday, April 4th. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $10.00 and set an equal weight rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered Rivian Automotive from a neutral rating to an underweight rating and decreased their target price for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. Finally, Jefferies Financial Group assumed coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a buy rating and a $16.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $19.00.

Rivian Automotive Trading Up 0.2 %

Rivian Automotive stock traded up $0.02 during mid-day trading on Wednesday, hitting $10.29. The company’s stock had a trading volume of 8,890,674 shares, compared to its average volume of 42,367,328. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The stock’s fifty day moving average is $10.35 and its two-hundred day moving average is $15.00. The firm has a market capitalization of $10.06 billion, a PE ratio of -1.77 and a beta of 1.91. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. On average, analysts anticipate that Rivian Automotive will post -4.77 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. In the last three months, insiders sold 54,306 shares of company stock worth $717,274. Insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of institutional investors and hedge funds have recently made changes to their positions in RIVN. Bear Mountain Capital Inc. purchased a new stake in Rivian Automotive during the 4th quarter worth $26,000. Ancora Advisors LLC purchased a new position in Rivian Automotive in the 3rd quarter valued at about $27,000. First Horizon Advisors Inc. boosted its position in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 1,245 shares during the last quarter. Principal Securities Inc. purchased a new position in Rivian Automotive in the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. purchased a new position in Rivian Automotive in the 1st quarter valued at about $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.