Rivian Automotive (NASDAQ:RIVN) Price Target Raised to $20.00 at Needham & Company LLC

Rivian Automotive (NASDAQ:RIVN) had its target price increased by Needham & Company LLC from $13.00 to $20.00 in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

Several other research analysts have also recently commented on the stock. Cantor Fitzgerald increased their target price on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an overweight rating in a report on Wednesday, June 26th. Guggenheim began coverage on shares of Rivian Automotive in a report on Tuesday, June 25th. They set a buy rating and a $18.00 target price for the company. Truist Financial increased their target price on shares of Rivian Automotive from $10.00 to $13.00 and gave the stock a hold rating in a report on Wednesday, June 26th. Piper Sandler restated an overweight rating and set a $21.00 target price on shares of Rivian Automotive in a report on Wednesday, June 26th. Finally, Mizuho reduced their target price on shares of Rivian Automotive from $12.00 to $11.00 and set a neutral rating for the company in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $19.63.

Rivian Automotive Stock Down 7.3 %

Shares of NASDAQ:RIVN opened at $13.42 on Friday. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $28.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.55 and a current ratio of 4.71. The company has a market capitalization of $13.36 billion, a PE ratio of -2.33 and a beta of 2.01. The company has a 50 day moving average price of $10.68 and a two-hundred day moving average price of $13.44.

Rivian Automotive (NASDAQ:RIVN) last issued its earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing the consensus estimate of ($1.38) by ($0.03). Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Analysts forecast that Rivian Automotive will post -4.93 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the sale, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Rivian Automotive

Hedge funds have recently made changes to their positions in the stock. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $26,000. Ancora Advisors LLC acquired a new stake in Rivian Automotive during the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC boosted its position in Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 2,380 shares during the period. Principal Securities Inc. acquired a new stake in Rivian Automotive during the 4th quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in Rivian Automotive during the 1st quarter worth approximately $33,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.