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

Rivian Automotive (NASDAQ:RIVN) had its price target boosted by equities researchers at Needham & Company LLC from $13.00 to $20.00 in a research note issued on Friday, Marketbeat reports. The brokerage presently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 38.22% from the company’s current price.

Several other equities research analysts have also recently commented on the company. Barclays cut their target price 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. Mizuho cut their price objective on shares of Rivian Automotive from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. UBS Group raised shares of Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price for the company in a research report on Tuesday, April 16th. Piper Sandler reissued an “overweight” rating and set a $21.00 price target on shares of Rivian Automotive in a research report on Wednesday. Finally, Wedbush raised their price objective on Rivian Automotive from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.46.

Rivian Automotive Stock Down 1.8 %

Shares of RIVN stock opened at $14.47 on Friday. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $10.59 and a 200-day moving average of $13.56. The company has a market capitalization of $14.40 billion, a price-to-earnings ratio of -2.51 and a beta of 2.01.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. As a group, equities research analysts predict that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in Rivian Automotive by 35.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after purchasing an additional 25,550,489 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Rivian Automotive by 714.3% during the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rivian Automotive by 1,521.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after buying an additional 5,937,605 shares in the last quarter. Norges Bank acquired a new stake in Rivian Automotive in the fourth quarter valued at about $129,427,000. Finally, Vanguard Group Inc. grew its position in Rivian Automotive by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after acquiring an additional 4,467,881 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.