Rivian Automotive (NASDAQ:RIVN) Shares Down 5.6% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price dropped 5.6% during trading on Thursday . The stock traded as low as $11.75 and last traded at $11.79. Approximately 14,552,511 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 37,149,404 shares. The stock had previously closed at $12.49.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RIVN shares. Truist Financial lifted their target price on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Piper Sandler lowered Rivian Automotive from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $19.00 to $13.00 in a report on Thursday, March 20th. TD Cowen assumed coverage on shares of Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 target price for the company. Bank of America downgraded Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $13.00 to $10.00 in a report on Monday, February 24th. Finally, Barclays raised their target price on Rivian Automotive from $13.00 to $14.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Stock Performance

The firm has a market capitalization of $13.04 billion, a price-to-earnings ratio of -2.44 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock’s fifty day moving average is $12.22 and its two-hundred day moving average is $12.11.

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

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $11.82, for a total transaction of $844,290.78. Following the sale, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,427 shares of company stock worth $2,588,475. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Rivian Automotive in the fourth quarter valued at $3,198,000. PKO Investment Management Joint Stock Co acquired a new stake in shares of Rivian Automotive in the fourth quarter worth $479,000. Siemens Fonds Invest GmbH acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $145,000. Gould Capital LLC boosted its holdings in Rivian Automotive by 87.6% in the 4th quarter. Gould Capital LLC now owns 7,025 shares of the electric vehicle automaker’s stock valued at $93,000 after purchasing an additional 3,280 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at $206,000. Institutional investors and hedge funds 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.