Rivian Automotive’s (RIVN) Buy Rating Reiterated at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued on Wednesday, Benzinga reports. They presently have a $13.00 price target on the electric vehicle automaker’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 26.83% from the stock’s current price.

RIVN has been the subject of several other research reports. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Tuesday, April 16th. The Goldman Sachs Group cut their target price on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and upped their price target for the company from $15.00 to $21.00 in a research report on Friday, March 15th. Barclays cut their price objective on Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Friday, April 19th. Finally, DA Davidson decreased their target price on Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $19.52.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $10.25 on Wednesday. The company has a 50-day simple moving average of $10.37 and a two-hundred day simple moving average of $15.04. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of -1.79 and a beta of 1.91. The company has a quick ratio of 3.90, a current ratio of 4.95 and a debt-to-equity ratio of 0.48.

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

Insider Activity at Rivian Automotive

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RIVN. Stifel Financial Corp boosted its stake in shares of Rivian Automotive by 7.3% in the third quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock worth $6,997,000 after acquiring an additional 19,699 shares during the period. CenterBook Partners LP bought a new position in Rivian Automotive in the 3rd quarter worth approximately $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 in the last quarter. Morgan Stanley raised its position in shares of Rivian Automotive by 14.0% during the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of Rivian Automotive in the third quarter worth $1,806,000. 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.