Needham & Company LLC Lowers Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price target reduced by analysts at Needham & Company LLC from $18.00 to $14.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 39.30% from the stock’s previous close.

RIVN has been the topic of several other reports. Barclays cut their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. UBS Group cut their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Canaccord Genuity Group cut their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Piper Sandler cut their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Truist Financial cut their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.91.

Rivian Automotive Trading Up 3.5 %

Shares of RIVN opened at $10.05 on Friday. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $10.13 billion, a P/E ratio of -1.69 and a beta of 2.04. The stock’s fifty day simple moving average is $11.43 and its 200 day simple moving average is $12.30. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $24.61.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities research analysts forecast that Rivian Automotive will post -4.84 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,876 shares of company stock worth $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIVN. Quent Capital LLC raised its stake in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Rivian Automotive by 975.4% during 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 in the last quarter. GHP Investment Advisors Inc. grew its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares in the last quarter. American Capital Advisory LLC boosted its holdings in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Rivian Automotive in the second quarter worth $37,000. 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.