Rivian Automotive (NASDAQ:RIVN) Cut to Neutral at 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 issued on Friday,Briefing.com Automated Import reports. They presently have a $15.00 price objective on the electric vehicle automaker’s stock, up from their prior price objective of $13.00. Cantor Fitzgerald’s target price would suggest a potential upside of 10.21% from the company’s previous close.

Several other analysts also recently weighed in on RIVN. Needham & Company LLC lowered 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. Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Guggenheim cut their price objective on shares of Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Mizuho cut their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.21.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $13.61 on Friday. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The company’s 50 day moving average price is $13.59 and its two-hundred day moving average price is $12.54. 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 stock has a market cap of $13.89 billion, a P/E ratio of -2.43 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. On average, equities analysts predict that Rivian Automotive will post -4.7 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the company. Tandem Financial LLC bought a new position in shares of Rivian Automotive in the 4th quarter worth about $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rivian Automotive in the third quarter worth approximately $28,000. Orion Capital Management LLC purchased a new position in shares of Rivian Automotive in the fourth quarter worth approximately $34,000. Finally, GHP Investment Advisors Inc. increased its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.