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

Rivian Automotive (NASDAQ:RIVN - Get Free Report) had its target price dropped by equities research analysts at Needham & Company LLC from $17.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the electric vehicle automaker's stock. Needham & Company LLC's price target would indicate a potential upside of 15.64% from the company's previous close.

RIVN has been the subject of several other reports. TD Cowen initiated coverage on Rivian Automotive in a research note on Friday, March 7th. They set a "hold" rating and a $12.70 target price for the company. Guggenheim reissued a "buy" rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Tuesday. Barclays upped their price objective on Rivian Automotive from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Wednesday, January 22nd. Truist Financial raised their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Finally, Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They set an "underperform" rating and a $6.10 price objective for the company. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and a consensus price target of $13.99.

Rivian Automotive Trading Up 1.1 %

NASDAQ:RIVN traded up $0.16 on Wednesday, reaching $13.84. The stock had a trading volume of 3,304,605 shares, compared to its average volume of 36,049,934. The firm's fifty day moving average is $11.92 and its two-hundred day moving average is $12.31. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market cap of $15.64 billion, a price-to-earnings ratio of -2.93 and a beta of 1.86. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping 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 company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Equities analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 35,713 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $9,775,506.06. This represents a 4.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares in the company, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,427 shares of company stock valued at $2,154,905 over the last quarter. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital International Investors bought a new position in Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank bought a new stake in Rivian Automotive during the 4th quarter worth $123,308,000. Northern Trust Corp increased its holdings in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Twinbeech Capital LP bought a new position in Rivian Automotive in the fourth quarter valued at about $29,944,000. Finally, Groupama Asset Managment acquired a new stake in shares of Rivian Automotive during the fourth quarter valued at about $26,600,000. Institutional investors own 66.25% of the company's stock.

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.