Rivian Automotive (NASDAQ:RIVN) Shares Down 1.5% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares dropped 1.5% during mid-day trading on Wednesday . The stock traded as low as $17.60 and last traded at $17.63. Approximately 31,373,101 shares changed hands during trading, a decline of 19% from the average daily volume of 38,930,680 shares. The stock had previously closed at $17.90.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of recent analyst reports. Evercore ISI restated an “outperform” rating on shares of Rivian Automotive in a report on Monday. Canaccord Genuity Group reissued a “buy” rating on shares of Rivian Automotive in a research report on Monday. Needham & Company LLC upped their price objective on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Finally, Tigress Financial boosted their price target on shares of Rivian Automotive from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $14.86.

Rivian Automotive Price Performance

The firm has a market cap of $21.61 billion, a P/E ratio of -5.67 and a beta of 1.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23. The firm’s 50 day moving average is $15.17 and its 200 day moving average is $14.10.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.06. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative net margin of 61.34% and a negative return on equity of 57.33%. The business’s revenue for the quarter was up 78.3% on a year-over-year basis. During the same quarter last year, the firm earned ($1.08) earnings per share. As a group, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insiders Place Their Bets

In other Rivian Automotive news, CFO Claire Mcdonough sold 21,210 shares of Rivian Automotive stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $17.14, for a total value of $363,539.40. Following the completion of the transaction, the chief financial officer directly owned 738,056 shares of the company’s stock, valued at approximately $12,650,279.84. The trade was a 2.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 52,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the transaction, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This trade represents a 4.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 116,499 shares of company stock valued at $1,946,819 in the last quarter. 2.16% of the stock is owned by company insiders.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. Assetmark Inc. raised its stake in Rivian Automotive by 315.6% during the 2nd quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock worth $25,000 after acquiring an additional 1,357 shares during the period. Newbridge Financial Services Group Inc. boosted its stake in Rivian Automotive by 113.6% during the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 1,000 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Rivian Automotive in the third quarter valued at $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Rivian Automotive in the 3rd quarter worth $31,000. Finally, Hemington Wealth Management increased its stake in Rivian Automotive by 291.0% during the third quarter. Hemington Wealth Management now owns 2,123 shares of the electric vehicle automaker’s stock worth $31,000 after acquiring an additional 1,580 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

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.