Needham & Company LLC Raises Rivian Automotive (NASDAQ:RIVN) Price Target to $20.00

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by Needham & Company LLC from $13.00 to $20.00 in a research report report published on Friday morning, MarketBeat reports. Needham & Company LLC currently has a buy rating on the electric vehicle automaker’s stock.

Several other analysts have also recently issued reports on RIVN. Truist Financial increased their target price on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a research report on Wednesday, June 26th. Wedbush increased their price objective on Rivian Automotive from $15.00 to $20.00 and gave the company an outperform rating in a report on Wednesday, June 26th. Guggenheim initiated coverage on Rivian Automotive in a report on Tuesday, June 25th. They set a buy rating and a $18.00 price objective for the company. Mizuho decreased their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a report on Wednesday, May 8th. Finally, UBS Group upgraded Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price objective for the company in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Stock Down 7.3 %

Shares of NASDAQ RIVN opened at $13.42 on Friday. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01. The stock’s fifty day simple moving average is $10.68 and its two-hundred day simple moving average is $13.44. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. As a group, analysts expect that Rivian Automotive will post -4.93 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 909,691 shares in the company, valued at approximately $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the business. Stifel Financial Corp grew its position in shares of Rivian Automotive by 7.3% during the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after acquiring an additional 19,699 shares during the period. Morgan Stanley grew its position in shares of Rivian Automotive by 14.0% during the 3rd quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the period. Trust Point Inc. acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $246,000. Sapient Capital LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter valued at about $330,000. Finally, Gradient Investments LLC boosted its holdings in Rivian Automotive by 72.4% in the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after buying an additional 1,034 shares during the last quarter. 66.25% of the stock is currently 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.