Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.2% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1.2% during trading on Monday . The stock traded as low as $17.07 and last traded at $17.24. Approximately 15,822,734 shares changed hands during trading, a decline of 50% from the average daily volume of 31,947,197 shares. The stock had previously closed at $17.45.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RIVN shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Rivian Automotive in a research note on Monday, April 6th. Cantor Fitzgerald reissued a “neutral” rating on shares of Rivian Automotive in a research note on Monday, June 15th. DA Davidson increased their price target on shares of Rivian Automotive from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Wall Street Zen upgraded shares of Rivian Automotive from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $25.00 price objective on shares of Rivian Automotive in a report on Friday, April 10th. Twelve equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.86.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.64 and a current ratio of 2.10. The stock has a market capitalization of $23.47 billion, a P/E ratio of -5.90 and a beta of 1.60. The firm has a 50-day moving average price of $16.04 and a 200 day moving average price of $16.07.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings data on Thursday, April 30th. The electric vehicle automaker reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.05. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Rivian Automotive had a negative return on equity of 75.65% and a negative net margin of 63.62%.Rivian Automotive’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.48) EPS. On average, analysts expect that Rivian Automotive, Inc. will post -3.06 EPS for the current year.

Insider Buying and Selling at Rivian Automotive

In other news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. The trade was a 15.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert J. Scaringe sold 34,818 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $15.00, for a total transaction of $522,270.00. Following the completion of the sale, the chief executive officer directly owned 922,286 shares of the company’s stock, valued at $13,834,290. This trade represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 78,630 shares of company stock worth $1,309,504 over the last ninety days. Insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in RIVN. Brighton Jones LLC boosted its position in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker’s stock valued at $235,000 after buying an additional 3,864 shares during the period. AQR Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.5% in the first quarter. AQR Capital Management LLC now owns 386,384 shares of the electric vehicle automaker’s stock worth $4,733,000 after buying an additional 5,590 shares during the period. Empowered Funds LLC boosted its holdings in Rivian Automotive by 10.1% during the 1st quarter. Empowered Funds LLC now owns 54,560 shares of the electric vehicle automaker’s stock valued at $679,000 after acquiring an additional 4,998 shares during the period. Focus Partners Wealth boosted its holdings in Rivian Automotive by 29.0% during the 1st quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker’s stock valued at $803,000 after acquiring an additional 14,497 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker’s stock worth $64,000 after acquiring an additional 1,856 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.