Rivian Automotive (NASDAQ:RIVN) Shares Down 2.5% – Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN)’s stock price traded down 2.5% during trading on Wednesday . The stock traded as low as $12.74 and last traded at $12.96. 14,792,200 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 42,663,195 shares. The stock had previously closed at $13.29.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RIVN. UBS Group increased their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. The Goldman Sachs Group boosted their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $13.00 in a research report on Friday, November 8th. Piper Sandler decreased their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Finally, Canaccord Genuity Group cut their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $15.52.

Rivian Automotive Price Performance

The firm has a 50-day simple moving average of $13.09 and a two-hundred day simple moving average of $13.03. The company has a market capitalization of $13.03 billion, a price-to-earnings ratio of -2.28 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 363,142 shares of company stock valued at $4,958,860 over the last ninety days. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Rivian Automotive in the 2nd quarter valued at $9,388,000. Finally, abrdn plc lifted its holdings in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares in the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

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.