Rivian Automotive (NASDAQ:RIVN) Shares Down 1.1% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.1% on Friday . The company traded as low as $20.77 and last traded at $20.90. Approximately 19,419,263 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 39,124,805 shares. The stock had previously closed at $21.13.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RIVN shares. Wedbush raised their price objective on Rivian Automotive from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, December 19th. Tigress Financial increased their target price on shares of Rivian Automotive from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Mizuho reaffirmed an “underperform” rating and set a $10.00 price target (down from $14.00) on shares of Rivian Automotive in a research report on Monday, October 20th. Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research report on Thursday, October 2nd. Finally, Robert W. Baird raised shares of Rivian Automotive from a “neutral” rating to an “outperform” rating and raised their target price for the company from $14.00 to $25.00 in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.73.

Rivian Automotive Price Performance

The company has a market cap of $25.62 billion, a price-to-earnings ratio of -6.72 and a beta of 1.79. The company’s 50-day simple moving average is $16.24 and its 200-day simple moving average is $14.43. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.71 and a quick ratio of 2.23.

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 the consensus estimate 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 quarterly revenue was up 78.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.08) earnings per share. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 17,450 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $17.53, for a total transaction of $305,898.50. Following the completion of the sale, the chief executive officer owned 1,167,559 shares in the company, valued at $20,467,309.27. This trade represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 8,039 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $18.00, for a total value of $144,702.00. Following the sale, the chief financial officer owned 730,017 shares in the company, valued at $13,140,306. This represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 120,154 shares of company stock worth $2,017,909 over the last ninety days. Corporate insiders own 2.16% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. raised its holdings in Rivian Automotive by 315.6% in the second quarter. Assetmark Inc. now owns 1,787 shares of the electric vehicle automaker’s stock valued at $25,000 after acquiring an additional 1,357 shares in the last quarter. Banque Transatlantique SA raised its stake in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 2,243 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of 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 worth $26,000 after purchasing an additional 1,000 shares during the last quarter. Mather Group LLC. acquired a new position in Rivian Automotive in the third quarter worth about $30,000. Finally, Fairman Group LLC acquired a new position in Rivian Automotive in the second quarter worth about $31,000. Institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.