Rivian Automotive (NASDAQ:RIVN) Given New $16.00 Price Target at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its target price reduced by Needham & Company LLC from $17.00 to $16.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the electric vehicle automaker’s stock.

A number of other research analysts have also weighed in on the stock. Cantor Fitzgerald lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $13.00 to $15.00 in a research note on Friday, February 21st. Robert W. Baird dropped their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Truist Financial lifted their price target on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, Wells Fargo & Company lifted their target price on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $13.99.

Rivian Automotive Price Performance

Shares of RIVN opened at $14.26 on Wednesday. The business’s 50 day moving average price is $11.98 and its two-hundred day moving average price is $12.34. The firm has a market cap of $16.12 billion, a PE ratio of -3.02 and a beta of 1.86. 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 52-week low of $9.50 and a 52-week high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. On average, equities analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $11.46, for a total transaction of $409,270.98. Following the completion of the transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,775,506.06. This trade represents a 4.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock valued at $2,154,905 in the last 90 days. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RIVN. Vanguard Group Inc. lifted its position in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Geode Capital Management LLC grew its holdings in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after buying an additional 227,168 shares in the last quarter. Capital International Investors bought a new stake in shares of Rivian Automotive during the fourth quarter valued at about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive during the fourth quarter valued at about $123,308,000. Finally, Soma Equity Partners LP boosted its position in shares of Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock valued at $112,865,000 after acquiring an additional 1,407,772 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.