Needham & Company LLC Trims Rivian Automotive (NASDAQ:RIVN) Target Price to $18.00

Rivian Automotive (NASDAQ:RIVN) had its target price trimmed by Needham & Company LLC from $20.00 to $18.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the electric vehicle automaker’s stock.

A number of other analysts have also commented on RIVN. Royal Bank of Canada lifted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a sector perform rating in a research note on Monday, July 1st. Morgan Stanley upped their price objective on shares of Rivian Automotive from $13.00 to $17.00 and gave the stock an overweight rating in a report on Wednesday, July 17th. Wells Fargo & Company upped their price target on Rivian Automotive from $10.00 to $18.00 and gave the stock an equal weight rating in a report on Thursday, July 18th. Barclays upped their target price on Rivian Automotive from $14.00 to $16.00 and gave the company an equal weight rating in a report on Tuesday, July 16th. Finally, Mizuho increased their target price on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a neutral rating in a research report on Friday, July 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive presently has an average rating of Moderate Buy and a consensus target price of $18.61.

Rivian Automotive Stock Down 5.2 %

Shares of NASDAQ:RIVN traded down $0.77 during trading on Wednesday, hitting $13.95. 24,823,900 shares of the company were exchanged, compared to its average volume of 37,429,752. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.87. The stock has a market cap of $13.88 billion, a price-to-earnings ratio of -2.42 and a beta of 2.09. The firm has a fifty day moving average price of $14.20 and a two-hundred day moving average price of $12.51. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($1.38) by ($0.03). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.15 billion. Rivian Automotive had a negative return on equity of 61.10% and a negative net margin of 115.50%. As a group, research analysts anticipate that Rivian Automotive will post -4.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total transaction of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at $10,234,023.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the sale, the chief executive officer now owns 909,691 shares of the company’s stock, valued at $16,374,438. The disclosure for this sale can be found here. Over the last three months, insiders have sold 485,716 shares of company stock valued at $7,509,309. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake in Rivian Automotive by 35.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 97,071,739 shares of the electric vehicle automaker’s stock valued at $2,277,304,000 after buying an additional 25,550,489 shares during the period. Baillie Gifford & Co. boosted its position in shares of Rivian Automotive by 714.3% in the 1st quarter. Baillie Gifford & Co. now owns 25,301,005 shares of the electric vehicle automaker’s stock worth $277,046,000 after buying an additional 22,194,018 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Rivian Automotive by 1,521.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,327,941 shares of the electric vehicle automaker’s stock valued at $69,291,000 after purchasing an additional 5,937,605 shares in the last quarter. Norges Bank purchased a new position in Rivian Automotive in the 4th quarter valued at about $129,427,000. Finally, Vanguard Group Inc. lifted its holdings in Rivian Automotive by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 68,313,245 shares of the electric vehicle automaker’s stock valued at $1,602,629,000 after purchasing an additional 4,467,881 shares in the last quarter. Hedge funds and other 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.