Rivian Automotive (NASDAQ:RIVN) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Rivian Automotive (NASDAQ:RIVN - Free Report) had its price objective hoisted by Needham & Company LLC from $14.00 to $17.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the electric vehicle automaker's stock.

Several other analysts have also weighed in on the company. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 target price on the stock. Royal Bank of Canada lowered their target price on Rivian Automotive from $14.00 to $12.00 and set a "sector perform" rating on the stock in a report on Friday, November 8th. Robert W. Baird restated a "neutral" rating and issued a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Piper Sandler reduced their price objective on Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, November 8th. Finally, Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of "Hold" and a consensus price target of $15.50.

Rivian Automotive Price Performance

RIVN stock traded down $0.64 on Friday, reaching $12.97. 70,315,891 shares of the company's stock were exchanged, compared to its average volume of 34,656,977. The stock has a fifty day moving average of $13.56 and a 200-day moving average of $12.53. Rivian Automotive has a twelve month low of $8.26 and a twelve month high of $18.85. The firm has a market cap of $13.24 billion, a PE ratio of -2.32 and a beta of 2.04. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative return on equity of 72.78% and a negative net margin of 121.38%. As a group, equities analysts predict that Rivian Automotive will post -4.7 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,334 shares of Rivian Automotive stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total value of $277,515.00. Following the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 366,788 shares of company stock valued at $5,024,431 in the last quarter. Corporate insiders own 2.51% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the 4th quarter worth $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive in the 3rd quarter worth $28,000. GHP Investment Advisors Inc. boosted its position in shares of Rivian Automotive by 63.2% in the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock worth $29,000 after buying an additional 1,002 shares during the period. Finally, American Capital Advisory LLC boosted its position in shares of Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock worth $33,000 after buying an additional 2,111 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.