Needham & Company LLC Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $13.00

Rivian Automotive (NASDAQ:RIVN) had its price target dropped by equities researchers at Needham & Company LLC from $18.00 to $13.00 in a research note issued on Thursday, MarketBeat.com reports. The brokerage currently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price target points to a potential upside of 50.64% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Morgan Stanley decreased their price target on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. DA Davidson decreased their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a report on Tuesday, April 2nd. Robert W. Baird decreased their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, Mizuho reaffirmed a “neutral” rating and set a $12.00 target price on shares of Rivian Automotive in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and an average price target of $19.61.

Rivian Automotive Stock Performance

NASDAQ RIVN opened at $8.63 on Thursday. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $28.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The stock has a market capitalization of $8.44 billion, a PE ratio of -1.50 and a beta of 1.88. The company’s 50 day simple moving average is $11.54 and its two-hundred day simple moving average is $15.93.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.67) by $0.09. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. Analysts predict that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CAO Jeff Baker sold 31,425 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the sale, the chief accounting officer now directly owns 52,415 shares of the company’s stock, valued at approximately $690,829.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Rivian Automotive news, insider Kjell Gruner sold 19,935 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the sale, the insider now owns 407,787 shares in the company, valued at $5,223,751.47. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,306 shares of company stock valued at $717,274. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norden Group LLC bought a new position in Rivian Automotive during the first quarter valued at approximately $132,000. Albion Financial Group UT lifted its position in Rivian Automotive by 346.4% during the first quarter. Albion Financial Group UT now owns 104,181 shares of the electric vehicle automaker’s stock valued at $1,141,000 after purchasing an additional 80,841 shares during the period. SteelPeak Wealth LLC bought a new position in Rivian Automotive during the first quarter valued at approximately $265,000. Vicus Capital lifted its position in Rivian Automotive by 11.6% during the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock valued at $149,000 after purchasing an additional 1,422 shares during the period. Finally, RFG Holdings Inc. lifted its position in Rivian Automotive by 74.7% during the first quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock valued at $196,000 after purchasing an additional 7,659 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.