Rivian Automotive (NASDAQ:RIVN) Price Target Lowered to $13.00 at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by research analysts at Needham & Company LLC from $18.00 to $13.00 in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price target points to a potential upside of 48.74% from the company’s previous close.

A number of other equities research analysts have also recently commented on RIVN. Stifel Nicolaus decreased their price target on Rivian Automotive from $23.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, February 26th. Truist Financial reiterated a “hold” rating and issued a $11.00 price target on shares of Rivian Automotive in a research note on Friday, April 12th. Mizuho reiterated a “neutral” rating and issued a $12.00 price target on shares of Rivian Automotive in a research note on Monday, March 25th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research note on Tuesday. Finally, DA Davidson cut their price objective on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has a consensus rating of “Moderate Buy” and a consensus price target of $19.70.

Rivian Automotive Trading Up 0.3 %

Shares of NASDAQ RIVN opened at $8.74 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $8.54 billion, a P/E ratio of -1.52 and a beta of 1.88. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $28.06. The business has a fifty day moving average price of $11.85 and a 200 day moving average price of $16.08.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Equities research analysts expect that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the sale, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at $690,829.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

A number of institutional investors have recently bought and sold shares of RIVN. Stifel Financial Corp lifted its holdings in shares of Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after purchasing an additional 19,699 shares during the last quarter. CenterBook Partners LP acquired a new stake in Rivian Automotive during the 3rd quarter valued at $4,473,000. Atria Wealth Solutions Inc. grew its holdings in Rivian Automotive by 448.0% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 229,347 shares of the electric vehicle automaker’s stock valued at $5,569,000 after buying an additional 187,495 shares during the last quarter. Morgan Stanley lifted its stake 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 worth $235,409,000 after purchasing an additional 1,193,650 shares during the period. Finally, Aigen Investment Management LP purchased a new position in shares of Rivian Automotive during the 3rd quarter worth $1,806,000. 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.