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

Rivian Automotive (NASDAQ:RIVN) had its price target lifted by Needham & Company LLC from $13.00 to $20.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

Other analysts have also recently issued research reports about the company. 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 note on Friday, April 19th. Truist Financial upped their price target on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a research report on Wednesday. Guggenheim began coverage on shares of Rivian Automotive in a research note on Tuesday. They set a buy rating and a $18.00 target price for the company. UBS Group raised shares of Rivian Automotive from a sell rating to a neutral rating and set a $9.00 target price on the stock in a report on Tuesday, April 16th. Finally, Morgan Stanley reaffirmed an overweight rating and issued a $13.00 price target on shares of Rivian Automotive in a report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Trading Down 7.3 %

Shares of NASDAQ:RIVN opened at $13.42 on Friday. The company has a fifty day simple moving average of $10.68 and a 200 day simple moving average of $13.52. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. 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 quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share 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 analyst estimates of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. Analysts expect that Rivian Automotive will post -4.94 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIVN. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter valued at $26,000. Ancora Advisors LLC bought a new stake in Rivian Automotive in the third quarter worth about $27,000. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 2,380 shares during the last quarter. Principal Securities Inc. bought a new position in shares of Rivian Automotive during the 4th quarter valued at about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in shares of Rivian Automotive in the 1st quarter worth approximately $33,000. 66.25% of the stock is owned by 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.