Needham & Company LLC Boosts Rivian Automotive (NASDAQ:RIVN) Price Target to $17.00

Rivian Automotive (NASDAQ:RIVN) had its price objective lifted by equities researchers at Needham & Company LLC from $14.00 to $17.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s target price would indicate a potential upside of 31.07% from the company’s current price.

A number of other analysts have also recently commented on the company. Robert W. Baird restated a “neutral” rating and issued a $16.00 price target (down previously from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target for the company. The Goldman Sachs Group upped their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reduced their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $15.09.

Rivian Automotive Stock Down 4.7 %

Rivian Automotive stock opened at $12.97 on Friday. The stock has a market cap of $13.24 billion, a PE ratio of -2.75 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a one year low of $8.26 and a one year high of $18.85. The stock has a fifty day moving average of $13.56 and a 200 day moving average of $12.51.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. As a group, sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

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

Institutional Investors Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the stock. Creative Planning raised its holdings in shares of Rivian Automotive by 6.7% in the third quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker’s stock worth $1,298,000 after buying an additional 7,236 shares during the period. Blue Trust Inc. raised its holdings in shares of Rivian Automotive by 40.3% in the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock worth $51,000 after buying an additional 1,301 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Rivian Automotive in the third quarter worth approximately $112,000. Signaturefd LLC raised its holdings in shares of Rivian Automotive by 10.8% in the third quarter. Signaturefd LLC now owns 24,721 shares of the electric vehicle automaker’s stock worth $277,000 after buying an additional 2,413 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares during the period. 66.25% of the stock is owned by institutional investors.

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.