Rivian Automotive (NASDAQ:RIVN) Given New $13.00 Price Target at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price target decreased by Needham & Company LLC from $18.00 to $13.00 in a research note issued to investors on Thursday, MarketBeat reports. Needham & Company LLC currently has a buy rating on the electric vehicle automaker's stock.

A number of other equities analysts have also recently weighed in on RIVN. Evercore ISI lowered their price objective on shares of Rivian Automotive from $35.00 to $25.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. JPMorgan Chase & Co. cut Rivian Automotive from a neutral rating to an underweight rating and dropped their price objective for the company from $20.00 to $11.00 in a research note on Thursday, February 22nd. The Goldman Sachs Group dropped their price objective on Rivian Automotive from $20.00 to $17.00 and set a neutral rating for the company in a research note on Thursday, January 25th. DA Davidson dropped their price objective on Rivian Automotive from $19.00 to $17.00 and set a neutral rating for the company in a research note on Thursday, February 22nd. Finally, Wolfe Research reaffirmed a peer perform rating on shares of Rivian Automotive in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $19.70.

Rivian Automotive Trading Up 1.0 %

Shares of Rivian Automotive stock traded up $0.09 during trading hours on Thursday, hitting $8.83. The company's stock had a trading volume of 30,624,671 shares, compared to its average volume of 43,312,605. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of -1.54 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $28.06. The firm has a fifty day moving average of $11.71 and a 200-day moving average of $16.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts' consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Research analysts forecast that Rivian Automotive will post -4.8 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 2,946 shares of the business's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at approximately $2,523,133.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the company's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company's stock, valued at approximately $690,829.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 2,946 shares of the company's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company's stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders sold 54,306 shares of company stock valued at $717,274 in the last ninety days. Insiders own 2.30% of the company's stock.

Institutional Trading of Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eaton Vance Management raised its stake in Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker's stock valued at $394,000 after acquiring an additional 497 shares during the last quarter. Gould Capital LLC raised its stake in Rivian Automotive by 32.6% during the 2nd quarter. Gould Capital LLC now owns 2,035 shares of the electric vehicle automaker's stock valued at $34,000 after acquiring an additional 500 shares during the last quarter. D.A. Davidson & CO. raised its stake in Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker's stock valued at $310,000 after acquiring an additional 515 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in Rivian Automotive by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 35,904 shares of the electric vehicle automaker's stock valued at $662,000 after acquiring an additional 577 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its position in Rivian Automotive by 1,329.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker's stock worth $32,000 after purchasing an additional 585 shares during the period. 66.25% of the stock is owned by hedge funds and other 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.