Rivian Automotive (NASDAQ:RIVN) Given New $13.00 Price Target at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by Needham & Company LLC from $18.00 to $13.00 in a research note released on Thursday, Marketbeat Ratings 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 research reports. Piper Sandler upgraded Rivian Automotive from a neutral rating to an overweight rating and increased their target price for the stock from $15.00 to $21.00 in a research note on Friday, March 15th. DA Davidson reduced their target price on Rivian Automotive from $19.00 to $17.00 and set a neutral rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley reduced their target price on Rivian Automotive from $14.00 to $13.00 and set an overweight rating on the stock in a research note on Thursday, April 4th. Wolfe Research reiterated a peer perform rating on shares of Rivian Automotive in a research note on Thursday, January 4th. Finally, Jefferies Financial Group began coverage on Rivian Automotive in a research note on Thursday, March 7th. They issued a buy rating and a $16.00 target price on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $19.70.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $8.83 on Thursday. The stock’s fifty day moving average is $11.71 and its 200 day moving average is $16.03. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.90 and a current ratio of 4.95.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share for the quarter, beating the consensus estimate of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. As a group, equities research analysts forecast that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $12.81, for a total value of $255,367.35. Following the completion of the sale, the insider now directly owns 407,787 shares of the company’s stock, valued at approximately $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the company. SteelPeak Wealth LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth about $265,000. Vicus Capital lifted its holdings in shares of Rivian Automotive by 11.6% during the first quarter. Vicus Capital now owns 13,633 shares of the electric vehicle automaker’s stock worth $149,000 after purchasing an additional 1,422 shares during the period. RFG Holdings Inc. lifted its holdings in shares of Rivian Automotive by 74.7% during the first quarter. RFG Holdings Inc. now owns 17,914 shares of the electric vehicle automaker’s stock worth $196,000 after purchasing an additional 7,659 shares during the period. Austin Private Wealth LLC lifted its holdings in shares of Rivian Automotive by 64.7% during the first quarter. Austin Private Wealth LLC now owns 25,787 shares of the electric vehicle automaker’s stock worth $272,000 after purchasing an additional 10,128 shares during the period. Finally, Strategic Planning Group LLC acquired a new stake in shares of Rivian Automotive during the first quarter worth about $867,000. Institutional investors and hedge funds 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.