Rivian Automotive (NASDAQ:RIVN) Price Target Cut to $14.00 by Analysts at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its price target lowered by Needham & Company LLC from $18.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

Several other analysts also recently weighed in on RIVN. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. UBS Group dropped their price objective on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Truist Financial dropped their price objective on Rivian Automotive from $16.00 to $12.00 and set a “hold” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Friday, August 16th. Finally, Barclays dropped their target price on Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus price target of $15.77.

Rivian Automotive Price Performance

Shares of RIVN traded up $0.54 during trading hours on Friday, hitting $10.59. 58,725,001 shares of the company were exchanged, compared to its average volume of 38,938,688. The company has a market cap of $10.68 billion, a price-to-earnings ratio of -1.78 and a beta of 2.04. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The firm’s fifty day moving average is $11.36 and its 200 day moving average is $12.32.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, equities analysts anticipate that Rivian Automotive will post -4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 169,876 shares of company stock valued at $2,153,551 over the last 90 days. Company insiders own 2.51% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently added to or reduced their stakes in RIVN. Quent Capital LLC lifted its holdings in shares of Rivian Automotive by 74.3% in the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. GHP Investment Advisors Inc. lifted its holdings in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. American Capital Advisory LLC lifted its holdings in Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after acquiring an additional 2,111 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in Rivian Automotive during the second quarter worth $37,000. 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.