Fintel reports that on July 5, 2023, Needham maintained coverage of Rivian Automotive Inc – (NASDAQ:RIVN) with a Buy recommendation.

Analyst Price Forecast Suggests 14.08% Upside

As of July 6, 2023, the average one-year price target for Rivian Automotive Inc – is 23.31. The forecasts range from a low of 11.11 to a high of $42.00. The average price target represents an increase of 14.08% from its latest reported closing price of 20.43.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Rivian Automotive Inc – is 5,692MM, an increase of 155.94%. The projected annual non-GAAP EPS is -5.82.

What is the Fund Sentiment?

There are 1044 funds or institutions reporting positions in Rivian Automotive Inc -. This is a decrease of 1 owner(s) or 0.10% in the last quarter. Average portfolio weight of all funds dedicated to RIVN is 0.23%, a decrease of 14.76%. Total shares owned by institutions decreased in the last three months by 6.00% to 628,083K shares. The put/call ratio of RIVN is 0.73, indicating a bullish outlook.

What are Other Shareholders Doing?

Amazon Com holds 158,364K shares representing 16.86% ownership of the company. No change in the last quarter.

Price T Rowe Associates holds 76,776K shares representing 8.17% ownership of the company. In it’s prior filing, the firm reported owning 116,605K shares, representing a decrease of 51.88%. The firm decreased its portfolio allocation in RIVN by 48.53% over the last quarter.

PRGFX – T. Rowe Price Growth Stock Fund holds 28,728K shares representing 3.06% ownership of the company. In it’s prior filing, the firm reported owning 39,711K shares, representing a decrease of 38.23%. The firm decreased its portfolio allocation in RIVN by 45.57% over the last quarter.

Capital Research Global Investors holds 23,715K shares representing 2.52% ownership of the company. In it’s prior filing, the firm reported owning 35,598K shares, representing a decrease of 50.11%. The firm decreased its portfolio allocation in RIVN by 47.16% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 21,225K shares representing 2.26% ownership of the company. In it’s prior filing, the firm reported owning 19,421K shares, representing an increase of 8.50%. The firm decreased its portfolio allocation in RIVN by 15.24% over the last quarter.

Rivian Automotive Background Information
(This description is provided by the company.)

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships.

Additional reading:

• Rivian Releases Q2 Production Figures and Sets Date for Second Quarter 2023 Results
• Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of U.S. Bank Trust Company, National Association, as trustee under the indenture filed as Exhibit 4.4 above.
• Form of Indenture.
• Rivian Releases First Quarter 2023 Financial Results
• Key Highlights ~35K Vehicles produced since the start of production as of March 31, 2023 200M+ Miles driven by Rivian vehicles 500+ Cities across the U.S. where EDVs are making deliveries IIHS TOP SAFETY PICK+ Rating for both R1S and R1T ~$12B Of cas

This article originally appeared on Fintel

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