Rivian Automotive (NASDAQ:RIVN) PT Lowered to $13.00 at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its target price lowered by Needham & Company LLC from $18.00 to $13.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

A number of other equities research analysts have also issued reports on the company. Wolfe Research reaffirmed a peer perform rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Evercore ISI reduced their price target on Rivian Automotive from $35.00 to $25.00 and set an outperform rating on the stock in a research report on Thursday, February 22nd. Mizuho reiterated a neutral rating and issued a $12.00 price objective on shares of Rivian Automotive in a report on Monday, March 25th. 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 report on Thursday, February 22nd. Finally, UBS Group upgraded Rivian Automotive from a sell rating to a neutral rating and set a $9.00 price objective on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of Moderate Buy and an average target price of $19.70.

Rivian Automotive Stock Performance

RIVN opened at $8.83 on Thursday. The stock’s 50-day moving average price is $11.71 and its 200 day moving average price is $16.03. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06. 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 posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.67) by $0.09. The company had revenue of $1.32 billion for 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%. As a group, research analysts expect that Rivian Automotive will post -4.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CAO Jeff Baker sold 31,425 shares of Rivian Automotive stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 52,415 shares in the company, valued at approximately $690,829.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $255,367.35. Following the transaction, the insider now directly owns 407,787 shares in the company, valued at approximately $5,223,751.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at $690,829.70. The disclosure for this sale can be found here. Insiders have sold 54,306 shares of company stock worth $717,274 in the last quarter. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. grew its stake in shares of Rivian Automotive by 1,329.5% in the 1st quarter. Salem Investment Counselors Inc. now owns 629 shares of the electric vehicle automaker’s stock valued at $32,000 after purchasing an additional 585 shares during the last quarter. Ancora Advisors LLC acquired a new stake in shares of Rivian Automotive in the 3rd quarter valued at approximately $27,000. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $26,000. MCF Advisors LLC lifted its holdings in shares of Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after buying an additional 1,000 shares during the period. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after buying an additional 1,245 shares during the period. 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.