Rivian Automotive (NASDAQ:RIVN) Stock Price Down 6.3% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s share price traded down 6.3% on Tuesday . The stock traded as low as $12.99 and last traded at $13.32. 21,947,669 shares changed hands during trading, a decline of 49% from the average session volume of 42,941,668 shares. The stock had previously closed at $14.21.

Wall Street Analyst Weigh In

RIVN has been the subject of several research analyst reports. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Mizuho decreased their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Barclays dropped their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Finally, Guggenheim reduced their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.48.

Rivian Automotive Stock Performance

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 firm has a market capitalization of $13.52 billion, a price-to-earnings ratio of -2.36 and a beta of 2.05. The stock’s 50-day moving average is $13.03 and its 200-day moving average is $13.05.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $16.17, for a total value of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at $13,960,547.37. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,429 shares of company stock valued at $4,467,450 in the last 90 days. Corporate insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of hedge funds have recently bought and sold shares of RIVN. American Century Companies Inc. boosted its holdings in shares of Rivian Automotive by 4.1% in the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after buying an additional 6,105 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Rivian Automotive by 20.5% in the second quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after purchasing an additional 29,218 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Rivian Automotive by 18.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 47,359 shares of the electric vehicle automaker’s stock worth $636,000 after buying an additional 7,508 shares during the period. Amalgamated Bank grew its stake in Rivian Automotive by 19.9% in the 2nd quarter. Amalgamated Bank now owns 45,082 shares of the electric vehicle automaker’s stock valued at $605,000 after buying an additional 7,486 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in Rivian Automotive by 1.4% during the 2nd quarter. Intech Investment Management LLC now owns 76,967 shares of the electric vehicle automaker’s stock valued at $1,033,000 after acquiring an additional 1,055 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Company Profile

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.