Rivian Automotive (NASDAQ:RIVN) Shares Down 1.2% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price dropped 1.2% during trading on Wednesday. The company traded as low as $14.10 and last traded at $14.34. Approximately 21,870,250 shares changed hands during trading, a decline of 26% from the average daily volume of 29,411,492 shares. The stock had previously closed at $14.51.

Analyst Ratings Changes

Several equities analysts have weighed in on RIVN shares. Weiss Ratings restated a “sell (d-)” rating on shares of Rivian Automotive in a report on Friday. Wells Fargo & Company increased their target price on Rivian Automotive from $15.00 to $16.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Stifel Nicolaus set a $22.00 price target on shares of Rivian Automotive in a research report on Monday, August 24th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rivian Automotive in a research report on Monday, September 28th. Finally, Piper Sandler upgraded shares of Rivian Automotive from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $20.00 in a research report on Monday, July 27th. Twelve analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and seven have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.00.

Rivian Automotive Price Performance

The company has a quick ratio of 1.65, a current ratio of 2.10 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $20.76 billion, a PE ratio of -5.56 and a beta of 1.62. The firm’s 50 day simple moving average is $15.64 and its 200 day simple moving average is $15.86.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.03. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The business’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.97) earnings per share. As a group, research analysts anticipate that Rivian Automotive, Inc. will post -2.96 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael John Callahan sold 15,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were 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. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the firm’s stock in a transaction dated 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 directly owned 827,201 shares of the company’s stock, valued at approximately $11,994,414.50. The trade was a 1.56% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 51,167 shares of company stock worth $788,306 over the last quarter. 1.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in Rivian Automotive by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,438,776 shares of the electric vehicle automaker’s stock valued at $111,896,000 after acquiring an additional 25,382 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Rivian Automotive by 55.8% during the first quarter. Hsbc Holdings PLC now owns 3,097,836 shares of the electric vehicle automaker’s stock worth $46,625,000 after purchasing an additional 1,109,171 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Rivian Automotive during the second quarter worth $49,915,000. Alpine Global Management LLC boosted its stake in shares of Rivian Automotive by 0.7% during the fourth quarter. Alpine Global Management LLC now owns 2,628,299 shares of the electric vehicle automaker’s stock valued at $51,804,000 after purchasing an additional 17,564 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Rivian Automotive by 8.2% in the first quarter. Swiss National Bank now owns 2,331,000 shares of the electric vehicle automaker’s stock worth $35,082,000 after purchasing an additional 176,500 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Company Profile

Rivian Automotive, Inc is an electric vehicle manufacturer focused on developing and producing vehicles designed for adventure, utility and commercial use. The company’s lineup includes the R1T electric pickup truck and R1S electric SUV, which feature all-electric powertrains, advanced driver-assistance technology and software-enabled vehicle systems.

Rivian also develops electric commercial vehicles, including delivery vans, along with vehicle software, charging solutions and related services.