Needham & Company LLC Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price objective boosted by Needham & Company LLC from $14.00 to $17.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

A number of other research firms also recently issued reports on RIVN. The Goldman Sachs Group boosted their target price on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective for the company. Cantor Fitzgerald lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $13.00 to $15.00 in a research note on Friday. Wedbush reiterated an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Barclays upped their price target on Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus price target of $15.50.

Rivian Automotive Price Performance

NASDAQ RIVN opened at $12.97 on Friday. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of -2.32 and a beta of 2.04. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business’s fifty day moving average price is $13.56 and its 200-day moving average price is $12.53.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. On average, equities analysts predict that Rivian Automotive will post -4.7 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares of the company’s stock, valued at $5,278,500. This trade represents a 4.99 % decrease in their position. 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 Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tandem Financial LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new stake in Rivian Automotive in the third quarter worth $28,000. GHP Investment Advisors Inc. boosted its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the period. Finally, American Capital Advisory LLC increased its position in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after acquiring an additional 2,111 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

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.