Rivian Automotive (NASDAQ:RIVN) Stock Falls 1.2% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.2% during mid-day trading on Wednesday. The stock traded as low as $13.46 and last traded at $13.54. Approximately 20,489,263 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 29,432,104 shares. The stock had previously closed at $13.70.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RIVN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rivian Automotive in a research report on Friday, October 2nd. UBS Group raised Rivian Automotive from a “neutral” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Monday, November 2nd. Deutsche Bank lowered shares of Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. DA Davidson decreased their target price on Rivian Automotive from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, November 6th. Finally, Jefferies Financial Group raised Rivian Automotive from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report on Friday, October 30th. Fifteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, Rivian Automotive presently has an average rating of “Hold” and an average target price of $19.50.

Rivian Automotive Price Performance

The company has a market capitalization of $17.78 billion, a PE ratio of -5.41 and a beta of 1.64. The stock has a 50 day moving average price of $14.02 and a two-hundred day moving average price of $15.35. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.70 and a current ratio of 2.18.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, October 29th. The electric vehicle automaker reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.64) by $0.16. The firm had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2 billion. Rivian Automotive had a negative net margin of 45.88% and a negative return on equity of 69.68%. The company’s revenue was up 38.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.08) earnings per share. Equities analysts forecast that Rivian Automotive, Inc. will post -2.72 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire McDonough sold 13,144 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $14.50, for a total transaction of $190,588.00. Following the completion of the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael John Callahan sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $15.00, for a total value of $225,000.00. Following the sale, the insider directly owned 1,001,776 shares of the company’s stock, valued at $15,026,640. The trade was a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 51,167 shares of company stock worth $788,306 over the last three months. 1.48% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Dimensional Fund Advisors LP lifted its position in shares of Rivian Automotive by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock worth $111,896,000 after purchasing an additional 25,382 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Rivian Automotive in the 2nd quarter worth approximately $49,915,000. Hsbc Holdings PLC increased its position in Rivian Automotive by 55.8% in the 1st quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after buying an additional 1,109,171 shares during the period. Swiss National Bank increased its position in Rivian Automotive by 8.2% in the 1st quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock worth $35,082,000 after buying an additional 176,500 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Rivian Automotive by 22.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,970,637 shares of the electric vehicle automaker’s stock worth $29,441,000 after buying an additional 356,540 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc. designs, develops and manufactures electric vehicles and related technology. Its consumer lineup includes the R1T electric pickup truck and R1S electric sport utility vehicle, while its commercial offerings include electric delivery vans and fleet services. Founded in 2009 by RJ Scaringe, the company began delivering its R1T and R1S vehicles in 2021. Rivian also develops vehicle software, charging solutions and services intended to support its consumer and commercial customers.