Rivian Automotive (NASDAQ:RIVN) Price Target Increased to $20.00 by Analysts at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its price objective boosted by Needham & Company LLC from $13.00 to $20.00 in a report released on Friday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley reiterated an overweight rating and set a $13.00 price target on shares of Rivian Automotive in a report on Wednesday. UBS Group upgraded shares of Rivian Automotive from a sell rating to a neutral rating and set a $9.00 target price for the company in a research note on Tuesday, April 16th. Barclays cut their price target on Rivian Automotive from $12.00 to $10.00 and set an equal weight rating on the stock in a research note on Friday, April 19th. Mizuho lowered their price objective on Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a research report on Wednesday, May 8th. Finally, Truist Financial increased their price objective on Rivian Automotive from $10.00 to $13.00 and gave the company a hold rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive has an average rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.42 on Friday. The stock has a fifty day moving average price of $10.68 and a 200 day moving average price of $13.52. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Equities analysts expect that Rivian Automotive will post -4.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently added to or reduced their stakes in the business. Stifel Financial Corp lifted its holdings in shares of Rivian Automotive by 7.3% in the 3rd quarter. Stifel Financial Corp now owns 288,191 shares of the electric vehicle automaker’s stock valued at $6,997,000 after buying an additional 19,699 shares during the period. Morgan Stanley raised its position in 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 acquiring an additional 1,193,650 shares in the last quarter. Trust Point Inc. acquired a new stake in Rivian Automotive in the fourth quarter valued at $246,000. Sapient Capital LLC purchased a new stake in shares of Rivian Automotive during the 4th quarter worth $330,000. Finally, Gradient Investments LLC grew its stake in shares of Rivian Automotive by 72.4% during the 4th quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after purchasing an additional 1,034 shares during the period. Hedge funds and other 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.