Needham & Company LLC Issues Positive Forecast for Rivian Automotive (NASDAQ:RIVN) Stock Price

Rivian Automotive (NASDAQ:RIVN) had its price objective increased by research analysts at Needham & Company LLC from $14.00 to $23.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s target price indicates a potential upside of 39.99% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Tigress Financial increased their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Mizuho restated an “underperform” rating and set a $10.00 price objective (down previously from $14.00) on shares of Rivian Automotive in a report on Monday, October 20th. Morgan Stanley reaffirmed an “underweight” rating and issued a $12.00 price objective on shares of Rivian Automotive in a research report on Monday. Cfra Research upgraded shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Finally, UBS Group upped their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.73.

Rivian Automotive Stock Performance

Shares of RIVN opened at $16.43 on Friday. The company has a current ratio of 2.71, a quick ratio of 2.23 and a debt-to-equity ratio of 0.87. The firm has a market cap of $20.14 billion, a PE ratio of -5.28 and a beta of 1.79. Rivian Automotive has a 12 month low of $10.36 and a 12 month high of $18.60. The stock has a fifty day moving average price of $14.87 and a 200-day moving average price of $14.05.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 21,210 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total transaction of $363,539.40. Following the completion of the transaction, the chief financial officer owned 738,056 shares of the company’s stock, valued at $12,650,279.84. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total transaction of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at approximately $20,690,323. The trade was a 4.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 133,949 shares of company stock valued at $2,191,119 over the last three months. 2.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Rivian Automotive during the second quarter worth about $105,629,000. Nuveen LLC acquired a new position in Rivian Automotive in the first quarter valued at approximately $33,582,000. Vanguard Group Inc. boosted its position in Rivian Automotive by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after purchasing an additional 2,597,310 shares in the last quarter. Capital International Investors boosted its position in Rivian Automotive by 13.4% in the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after purchasing an additional 2,161,394 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after purchasing an additional 1,918,852 shares during the period. 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.