Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $13.00 by Analysts at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its price target cut by Needham & Company LLC from $18.00 to $13.00 in a report issued on Thursday, Marketbeat reports. The brokerage currently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 48.74% from the stock’s previous close.

A number of other analysts have also commented on the company. Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $21.00 in a report on Friday, March 15th. UBS Group upgraded Rivian Automotive from a “sell” rating to a “neutral” rating and set a $9.00 target price on the stock in a research note on Tuesday. Wolfe Research restated a “peer perform” rating on shares of Rivian Automotive in a research note on Thursday, January 4th. The Goldman Sachs Group dropped their price objective on Rivian Automotive from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, January 25th. Finally, Wells Fargo & Company dropped their price objective on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of “Moderate Buy” and an average target price of $19.70.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $8.74 on Thursday. 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 business has a 50-day simple moving average of $11.85 and a 200 day simple moving average of $16.08. The firm has a market capitalization of $8.54 billion, a price-to-earnings ratio of -1.52 and a beta of 1.88. Rivian Automotive has a one year low of $8.26 and a one year high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.67) by $0.09. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. On average, research analysts anticipate that Rivian Automotive will post -4.8 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Rivian Automotive

Several large investors have recently made changes to their positions in RIVN. PNC Financial Services Group Inc. lifted its holdings in shares of Rivian Automotive by 31.8% during the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 2,532 shares during the last quarter. D.A. Davidson & CO. raised its holdings in Rivian Automotive by 9.1% in the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after acquiring an additional 515 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Rivian Automotive in the 1st quarter worth approximately $493,000. MetLife Investment Management LLC purchased a new position in Rivian Automotive in the 1st quarter worth approximately $231,000. Finally, Rhumbline Advisers raised its holdings in Rivian Automotive by 5.3% in the 1st quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock worth $6,633,000 after acquiring an additional 6,690 shares during the last quarter. 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.