Rivian Automotive (NASDAQ:RIVN) Shares Down 3.9% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 3.9% during trading on Tuesday . The company traded as low as $14.43 and last traded at $14.69. Approximately 26,602,706 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 30,223,277 shares. The stock had previously closed at $15.29.

Analyst Upgrades and Downgrades

RIVN has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on Rivian Automotive from $12.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Needham & Company LLC boosted their target price on Rivian Automotive from $14.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, December 12th. UBS Group raised Rivian Automotive from a “sell” rating to a “neutral” rating and boosted their target price for the company from $15.00 to $16.00 in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft raised Rivian Automotive from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $16.00 to $23.00 in a report on Friday, February 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rivian Automotive in a report on Thursday, January 22nd. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $18.05.

Rivian Automotive Trading Down 3.9%

The company has a market capitalization of $18.23 billion, a P/E ratio of -4.79 and a beta of 1.69. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.33 and a quick ratio of 1.89. The firm has a fifty day moving average price of $15.33 and a 200-day moving average price of $15.96.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, February 12th. The electric vehicle automaker reported ($0.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.14. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 65.05% and a negative net margin of 67.68%.Rivian Automotive’s quarterly revenue was down 25.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.70) earnings per share. On average, equities research analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 27,133 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $16.80, for a total value of $455,834.40. Following the transaction, the chief financial officer owned 680,836 shares in the company, valued at approximately $11,438,044.80. This represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 34,900 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $16.80, for a total value of $586,320.00. Following the completion of the transaction, the chief executive officer owned 1,044,731 shares in the company, valued at approximately $17,551,480.80. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 134,647 shares of company stock valued at $2,159,808. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently bought and sold shares of the company. Core Wealth Advisors LLC purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $27,000. SOA Wealth Advisors LLC. lifted its stake in Rivian Automotive by 894.2% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,551 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,395 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in Rivian Automotive in the fourth quarter valued at approximately $33,000. Glass Jacobson Investment Advisors llc lifted its stake in Rivian Automotive by 96.3% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 1,737 shares of the electric vehicle automaker’s stock valued at $34,000 after purchasing an additional 852 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its stake in Rivian Automotive by 113.6% in 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 purchasing an additional 1,000 shares during the last quarter. Hedge funds and other 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.