Needham & Company LLC Cuts Rivian Automotive (NASDAQ:RIVN) Price Target to $14.00

Rivian Automotive (NASDAQ:RIVN) had its price objective reduced by stock analysts at Needham & Company LLC from $18.00 to $14.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the electric vehicle automaker’s stock. Needham & Company LLC’s target price points to a potential upside of 32.20% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 7th. The Goldman Sachs Group reduced their price target on Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Truist Financial lowered their price objective on shares of Rivian Automotive from $16.00 to $12.00 and set a “hold” rating on the stock in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 target price on shares of Rivian Automotive in a report on Tuesday, September 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price target on shares of Rivian Automotive in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.77.

Rivian Automotive Trading Up 5.4 %

RIVN opened at $10.59 on Friday. The stock has a market capitalization of $10.68 billion, a P/E ratio of -1.78 and a beta of 2.04. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $24.61. The firm’s fifty day simple moving average is $11.36 and its 200 day simple moving average is $12.34.

Insider Transactions at Rivian Automotive

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

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the company. Quent Capital LLC raised its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 2,380 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC increased its stake in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Rivian Automotive during the 2nd quarter worth $37,000. Institutional investors own 66.25% of the company’s stock.

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.