Rivian Automotive (NASDAQ:RIVN) Shares Down 1.1% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 1.1% on Wednesday . The company traded as low as $15.93 and last traded at $16.00. Approximately 18,413,416 shares were traded during trading, a decline of 38% from the average session volume of 29,919,742 shares. The stock had previously closed at $16.17.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RIVN shares. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Cantor Fitzgerald reiterated a “neutral” rating and set a $19.00 price target on shares of Rivian Automotive in a research report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft cut Rivian Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday, August 4th. BNP Paribas Exane raised their price target on Rivian Automotive from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Piper Sandler raised Rivian Automotive from a “neutral” rating to an “overweight” rating and increased their price target for the company from $18.00 to $20.00 in a research note on Monday, July 27th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.05.

Rivian Automotive Stock Down 0.2%

The business has a fifty day moving average of $16.45 and a 200 day moving average of $15.90. The stock has a market cap of $23.20 billion, a price-to-earnings ratio of -6.22 and a beta of 1.62. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.66) by $0.03. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.52 billion. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. Rivian Automotive’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.97) EPS. On average, equities analysts predict that Rivian Automotive, Inc. will post -2.98 earnings per share for the current year.

Insider Buying and Selling

In other Rivian Automotive news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares of the company’s stock, valued at $2,200,000. The trade was a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire McDonough sold 13,144 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total transaction of $190,588.00. Following the sale, the chief financial officer owned 827,201 shares of the company’s stock, valued at $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 sold a total of 41,167 shares of company stock worth $718,956 over the last three months. 1.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. grew its stake in shares of 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 worth $26,000 after acquiring an additional 1,000 shares during the last quarter. Core Wealth Advisors LLC acquired a new stake in shares of Rivian Automotive during the 4th quarter worth approximately $27,000. MCF Advisors LLC increased its position in shares of Rivian Automotive by 3,500.0% during the second quarter. MCF Advisors LLC now owns 1,800 shares of the electric vehicle automaker’s stock valued at $31,000 after purchasing an additional 1,750 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Rivian Automotive in the third quarter valued at $31,000. Finally, Zions Bancorporation National Association UT bought a new position in Rivian Automotive in the fourth quarter worth $33,000. 66.25% of the stock is currently owned by institutional investors.

About Rivian Automotive

Rivian Automotive, Inc designs, develops and manufactures electric vehicles and related technology. Its consumer vehicle lineup includes the R1T electric pickup truck and R1S electric SUV, which are designed for on-road and off-road use. The company also develops charging solutions, vehicle software and connected services intended to support the ownership and operation of its electric vehicles.

Rivian produces electric commercial vans for delivery and fleet applications, including vehicles developed through its relationship with Amazon.