Rivian Automotive's (RIVN) Buy Rating Reiterated at Needham & Company LLC

Key Points

• Needham & Company LLC has reaffirmed Rivian Automotive's stock rating as "Buy" with a price target of $14.00, suggesting a potential upside of 6.95% from the current price.
• Rivian reported a loss of ($0.97) earnings per share for the latest quarter, missing analyst expectations, despite revenue increasing by 12.5% year-over-year to $1.30 billion.
• Analysts display mixed ratings on Rivian, with five giving a "Buy," eighteen a "Hold," and three a "Sell," leading to a current consensus rating of "Hold."

Rivian Automotive (NASDAQ:RIVN - Get Free Report)'s stock had its "buy" rating reiterated by Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $14.00 price target on the electric vehicle automaker's stock. Needham & Company LLC's price target indicates a potential upside of 5.90% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the company. UBS Group lowered their price target on Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Canaccord Genuity Group lowered their price target on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, Piper Sandler raised their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Five research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $13.69.

Rivian Automotive Stock Up 0.1%

Shares of Rivian Automotive stock traded up $0.01 during trading on Monday, hitting $13.22. 38,921,505 shares of the stock traded hands, compared to its average volume of 44,602,608. The company has a quick ratio of 2.72, a current ratio of 3.44 and a debt-to-equity ratio of 0.73. Rivian Automotive has a twelve month low of $9.50 and a twelve month high of $17.15. The company has a fifty day moving average price of $12.98 and a two-hundred day moving average price of $12.95.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.46) EPS. As a group, research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIVN. Norges Bank acquired a new stake in Rivian Automotive in the 2nd quarter valued at approximately $105,629,000. Vanguard Group Inc. grew its holdings in Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after buying an additional 5,610,688 shares during the last quarter. Northern Trust Corp grew 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 valued at $96,275,000 after buying an additional 2,941,928 shares during the last quarter. Nuveen LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at approximately $33,582,000. Finally, Twinbeech Capital LP acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $29,944,000. Institutional investors and hedge funds 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.