Needham & Company LLC Has Lowered Expectations for Rivian Automotive (NASDAQ:RIVN) Stock Price

Key Points

• Needham & Company LLC has lowered its price target for Rivian Automotive's stock from $16.00 to $14.00, while maintaining a "buy" rating, suggesting a potential upside of 15.23% from the current price.
• Multiple analysts have downgraded Rivian's rating, with Guggenheim changing from "buy" to "neutral," indicating a growing skepticism about the company's stock performance.
• Rivian Automotive reported a $0.97 EPS loss, missing expectations, but showed a 12.5% year-over-year revenue increase, generating $1.30 billion for the quarter.

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price target reduced by Needham & Company LLC from $16.00 to $14.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the electric vehicle automaker's stock.

A number of other brokerages have also commented on RIVN. Jefferies Financial Group reiterated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. Guggenheim lowered Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Stifel Nicolaus boosted their target price on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Piper Sandler increased their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a research report on Thursday, May 22nd. Finally, Robert W. Baird dropped their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Four analysts have rated the stock with a sell rating, eighteen have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $13.82.

Rivian Automotive Stock Down 4.2%

Shares of Rivian Automotive stock traded down $0.51 during midday trading on Wednesday, hitting $11.64. The company had a trading volume of 67,008,561 shares, compared to its average volume of 37,961,912. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company has a 50 day moving average of $13.48 and a 200 day moving average of $12.99. Rivian Automotive has a 52-week low of $9.50 and a 52-week high of $17.15. The stock has a market capitalization of $13.16 billion, a P/E ratio of -3.60 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 57.72% and a negative net margin of 68.06%. The company had revenue of $1.30 billion during the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the company earned ($1.46) earnings per share. The company's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the transaction, the chief executive officer directly owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 205,694 shares of company stock valued at $3,144,612 in the last ninety days. 2.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the business. Brighton Jones LLC boosted its position in shares of Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after purchasing an additional 3,864 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Rivian Automotive in the 4th quarter worth approximately $3,003,000. Bank of Nova Scotia increased its holdings in shares of Rivian Automotive by 34.7% in the 4th quarter. Bank of Nova Scotia now owns 45,344 shares of the electric vehicle automaker's stock worth $604,000 after purchasing an additional 11,678 shares in the last quarter. Advisory Services Network LLC raised its stake in shares of Rivian Automotive by 8.3% in the fourth quarter. Advisory Services Network LLC now owns 17,158 shares of the electric vehicle automaker's stock worth $228,000 after purchasing an additional 1,314 shares during the last quarter. Finally, APG Asset Management N.V. bought a new position in shares of Rivian Automotive during the fourth quarter valued at $5,048,000. 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.