Needham & Company LLC Forecasts Strong Price Appreciation for Rivian Automotive (NASDAQ:RIVN) Stock

Rivian Automotive (NASDAQ:RIVN) had its target price raised by Needham & Company LLC from $14.00 to $17.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the electric vehicle automaker’s stock.

RIVN has been the topic of a number of other reports. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 price objective on the stock. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Guggenheim decreased their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $15.50.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $12.97 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average is $13.56 and its two-hundred day moving average is $12.53. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $18.85. The company has a market capitalization of $13.24 billion, a PE ratio of -2.32 and a beta of 2.04.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 121.38% and a negative return on equity of 72.78%. As a group, analysts expect that Rivian Automotive will post -4.7 earnings per share for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at $9,712,811.25. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 18,501 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now directly owns 351,900 shares of the company’s stock, valued at $5,278,500. The trade was a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,788 shares of company stock worth $5,024,431. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimension Capital Management LLC increased its position in shares of Rivian Automotive by 5.5% in the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after acquiring an additional 819 shares during the period. Tradition Wealth Management LLC increased its holdings in shares of Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker’s stock valued at $168,000 after purchasing an additional 849 shares during the period. John G Ullman & Associates Inc. raised its stake in shares of Rivian Automotive by 9.1% in the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after purchasing an additional 1,000 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. Finally, RFG Holdings Inc. lifted its holdings in shares of Rivian Automotive by 5.2% during the fourth quarter. RFG Holdings Inc. now owns 22,226 shares of the electric vehicle automaker’s stock worth $296,000 after purchasing an additional 1,096 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.