Rivian Automotive (NASDAQ:RIVN) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Rivian Automotive (NASDAQ:RIVN) in a research report report published on Monday,Benzinga reports. They currently have a $14.00 price target on the electric vehicle automaker’s stock.

RIVN has been the topic of several other research reports. Canaccord Genuity Group decreased their price objective on Rivian Automotive from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Wedbush decreased their target price on Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Morgan Stanley decreased their target price on Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen downgraded Rivian Automotive from a “hold” rating to a “sell” rating in a research note on Saturday, July 26th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $15.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 7th. Five equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rivian Automotive has an average rating of “Hold” and a consensus target price of $13.69.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $13.11 on Monday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44. Rivian Automotive has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The company has a market capitalization of $15.91 billion, a P/E ratio of -4.06 and a beta of 1.80. The stock has a 50 day moving average price of $12.99 and a two-hundred day moving average price of $12.94.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The firm had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the company earned ($1.46) earnings per share. Rivian Automotive’s revenue for the quarter was up 12.5% on a year-over-year basis. Analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC increased its holdings in shares of Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock valued at $131,000 after purchasing an additional 722 shares during the period. Brown Advisory Inc. increased its holdings in shares of Rivian Automotive by 2.4% in the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after purchasing an additional 772 shares during the period. First National Trust Co increased its holdings in shares of Rivian Automotive by 5.3% in the first quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock valued at $199,000 after purchasing an additional 800 shares during the period. Dimension Capital Management LLC increased its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker’s stock valued at $208,000 after purchasing an additional 819 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker’s stock valued at $750,000 after purchasing an additional 867 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

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.