Rivian Automotive (NASDAQ:RIVN) Earns "Buy" Rating from Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $13.00 price target on the electric vehicle automaker's stock. Needham & Company LLC's price objective points to a potential upside of 26.58% from the company's previous close.

Several other research analysts have also weighed in on the stock. Evercore ISI lowered their target price on shares of Rivian Automotive from $35.00 to $25.00 and set an "outperform" rating for the company in a research note on Thursday, February 22nd. Mizuho reiterated a "neutral" rating and issued a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. Robert W. Baird decreased their price target on Rivian Automotive from $30.00 to $23.00 and set an "outperform" rating on the stock in a research note on Thursday, February 22nd. Truist Financial reaffirmed a "hold" rating and issued a $10.00 price objective (down from $11.00) on shares of Rivian Automotive in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. cut Rivian Automotive from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Rivian Automotive has an average rating of "Moderate Buy" and a consensus target price of $19.00.

Rivian Automotive Trading Up 0.2 %

Shares of NASDAQ RIVN traded up $0.02 during midday trading on Wednesday, hitting $10.27. 67,327,945 shares of the company traded hands, compared to its average volume of 42,792,918. 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 12-month low of $8.26 and a 12-month high of $28.06. The firm has a market cap of $10.04 billion, a P/E ratio of -1.76 and a beta of 1.91. The stock has a 50-day moving average price of $10.37 and a 200 day moving average price of $15.04.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. As a group, analysts expect that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Activity

In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $12.81, for a total transaction of $255,367.35. Following the sale, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the firm's stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total transaction of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company's stock, valued at approximately $5,223,751.47. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 value of $414,181.50. Following the completion of the sale, the chief accounting officer now owns 52,415 shares of the company's stock, valued at $690,829.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,306 shares of company stock worth $717,274. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Price T Rowe Associates Inc. MD lifted its stake 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 buying an additional 25,550,489 shares in the last quarter. Vanguard Group Inc. increased its position in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker's stock worth $1,602,629,000 after purchasing an additional 4,467,881 shares during the last quarter. Baillie Gifford & Co. raised its holdings 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 valued at $277,046,000 after purchasing an additional 22,194,018 shares in the last quarter. Morgan Stanley lifted its stake in shares of Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker's stock worth $235,409,000 after buying an additional 1,193,650 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Rivian Automotive by 1,521.2% in the 1st 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 during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.