Rivian Automotive (NASDAQ:RIVN) Trading Down 1.4% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) fell 1.4% during mid-day trading on Tuesday . The stock traded as low as $10.48 and last traded at $10.80. 9,002,878 shares were traded during mid-day trading, a decline of 76% from the average session volume of 37,399,604 shares. The stock had previously closed at $10.96.

Analyst Upgrades and Downgrades

RIVN has been the topic of several research reports. Bank of America downgraded shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $13.00 to $10.00 in a report on Monday, February 24th. Mizuho upped their target price on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 21st. Truist Financial raised their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. The Goldman Sachs Group lifted their target price on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $14.73.

Rivian Automotive Price Performance

The business has a 50 day simple moving average of $13.01 and a two-hundred day simple moving average of $12.34. The firm has a market capitalization of $12.18 billion, a P/E ratio of -2.28 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data 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. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In other news, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was 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 approximately $4,778,183.76. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Farther Finance Advisors LLC boosted its position in Rivian Automotive by 150.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 15,588 shares of the electric vehicle automaker’s stock valued at $175,000 after buying an additional 9,357 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of Rivian Automotive during the third quarter worth about $338,000. Capital Performance Advisors LLP purchased a new position in Rivian Automotive during the 3rd quarter valued at about $44,000. Meritage Portfolio Management raised its position in Rivian Automotive by 11.5% during the 3rd quarter. Meritage Portfolio Management now owns 83,133 shares of the electric vehicle automaker’s stock valued at $933,000 after purchasing an additional 8,556 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Rivian Automotive by 1.1% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 281,500 shares of the electric vehicle automaker’s stock worth $3,158,000 after buying an additional 3,033 shares during the period. Institutional investors own 66.25% of the company’s stock.

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.