Rivian Automotive (NASDAQ:RIVN) Stock Price Down 0.5% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) dropped 0.5% on Wednesday . The company traded as low as $11.20 and last traded at $11.21. Approximately 6,059,188 shares traded hands during trading, a decline of 84% from the average daily volume of 38,281,731 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RIVN shares. TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday. They issued a “hold” rating and a $12.70 target price for the company. Guggenheim decreased their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. Piper Sandler lowered their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. Finally, Baird R W cut Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average target price of $14.78.

Rivian Automotive Price Performance

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $13.11 and a 200 day simple moving average of $12.38. The stock has a market capitalization of $12.63 billion, a price-to-earnings ratio of -2.37 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,357 shares of company stock valued at $3,988,140. 2.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its position in shares of Rivian Automotive by 150.2% in the third quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker’s stock worth $175,000 after buying an additional 9,357 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Rivian Automotive by 31.0% in the 3rd quarter. Van ECK Associates Corp now owns 372,093 shares of the electric vehicle automaker’s stock valued at $4,175,000 after acquiring an additional 88,047 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Rivian Automotive by 1,090.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 169,384 shares of the electric vehicle automaker’s stock valued at $1,900,000 after acquiring an additional 155,150 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in Rivian Automotive in the 3rd quarter worth approximately $338,000. Finally, Olympiad Research LP bought a new stake in Rivian Automotive during the third quarter worth approximately $421,000. Institutional investors and hedge funds 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.