Needham & Company LLC Reaffirms Buy Rating for Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive (NASDAQ:RIVN)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports. They currently have a $13.00 price objective on the electric vehicle automaker’s stock. Needham & Company LLC’s target price would suggest a potential upside of 26.83% from the stock’s previous close.

Several other equities analysts have also recently issued reports on RIVN. Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. DA Davidson decreased their target price on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird cut their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, February 22nd. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. cut shares of Rivian Automotive from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $20.00 to $11.00 in a report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.52.

Rivian Automotive Stock Performance

Shares of Rivian Automotive stock opened at $10.25 on Wednesday. The firm’s fifty day simple moving average is $10.37 and its 200-day simple moving average is $15.04. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $28.06. The stock has a market capitalization of $10.02 billion, a price-to-earnings ratio of -1.79 and a beta of 1.91. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative net margin of 122.51% and a negative return on equity of 45.97%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. As a group, equities analysts forecast that Rivian Automotive will post -4.77 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $13.18, for a total value of $414,181.50. Following the completion of the transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at $690,829.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares of the company’s stock, valued at $690,829.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the sale, the chief financial officer now directly owns 155,749 shares of the company’s stock, valued at $2,523,133.80. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 over the last quarter. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Federated Hermes Inc. raised its holdings in Rivian Automotive by 8.2% in the fourth quarter. Federated Hermes Inc. now owns 8,559 shares of the electric vehicle automaker’s stock valued at $201,000 after buying an additional 651 shares during the period. Moneta Group Investment Advisors LLC lifted its holdings in shares of Rivian Automotive by 5.3% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 13,335 shares of the electric vehicle automaker’s stock valued at $324,000 after acquiring an additional 668 shares in the last quarter. Laidlaw Wealth Management LLC boosted its position in Rivian Automotive by 7.5% during the 4th quarter. Laidlaw Wealth Management LLC now owns 10,263 shares of the electric vehicle automaker’s stock worth $241,000 after purchasing an additional 718 shares during the period. Jamison Private Wealth Management Inc. increased its holdings in Rivian Automotive by 10.8% in the 4th quarter. Jamison Private Wealth Management Inc. now owns 7,446 shares of the electric vehicle automaker’s stock valued at $175,000 after purchasing an additional 727 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Rivian Automotive by 13.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 6,416 shares of the electric vehicle automaker’s stock worth $156,000 after purchasing an additional 775 shares in 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.