Rivian Automotive (NASDAQ:RIVN) Shares Down 3.1% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded down 3.1% during trading on Monday . The company traded as low as $11.69 and last traded at $12.03. 11,542,823 shares changed hands during trading, a decline of 69% from the average session volume of 37,030,883 shares. The stock had previously closed at $12.41.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Guggenheim reduced their price objective on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Mizuho lowered their price target on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Needham & Company LLC lifted their price objective on Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research report on Wednesday, December 18th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Rivian Automotive has an average rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 6.7 %

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $12.22 and a two-hundred day simple moving average of $12.11. The company has a market cap of $15.02 billion, a PE ratio of -2.81 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.06. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total value of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,427 shares of company stock worth $2,588,475 over the last ninety days. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds and other institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC acquired a new position in Rivian Automotive in the fourth quarter valued at about $25,000. Bank of Jackson Hole Trust acquired a new position in shares of Rivian Automotive in the 4th quarter worth approximately $27,000. Wilmington Savings Fund Society FSB purchased a new stake in Rivian Automotive in the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its stake in Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Rivian Automotive during the fourth quarter worth $34,000. 66.25% of the stock is owned by institutional investors and hedge funds.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.