Rivian Automotive (NASDAQ:RIVN) Trading Down 1% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares dropped 1% during mid-day trading on Friday . The company traded as low as $13.59 and last traded at $13.63. Approximately 5,189,599 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 36,036,680 shares. The stock had previously closed at $13.77.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Robert W. Baird reduced their price target on shares of Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Benchmark reiterated a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. UBS Group raised their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Three investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $14.33.

Rivian Automotive Trading Up 0.6%

The business's 50-day moving average is $13.89 and its two-hundred day moving average is $13.17. The stock has a market capitalization of $15.43 billion, a PE ratio of -3.67 and a beta of 1.86. The company has a quick ratio of 2.80, a current ratio of 3.73 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.23. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business's quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the business earned ($1.48) EPS. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total transaction of $149,055.00. Following the completion of the sale, the chief financial officer now owns 851,637 shares in the company, valued at approximately $12,774,555. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $11.46, for a total value of $409,270.98. Following the transaction, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,775,506.06. This represents a 4.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 312,836 shares of company stock worth $4,357,459 in the last 90 days. Company insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares during the period. CIBC Asset Management Inc increased its position in Rivian Automotive by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 32,374 shares of the electric vehicle automaker's stock worth $431,000 after buying an additional 1,756 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Rivian Automotive by 29.2% in the fourth quarter. Global Retirement Partners LLC now owns 25,341 shares of the electric vehicle automaker's stock worth $337,000 after acquiring an additional 5,731 shares during the last quarter. Private Advisor Group LLC raised its holdings in shares of Rivian Automotive by 30.6% in the fourth quarter. Private Advisor Group LLC now owns 64,870 shares of the electric vehicle automaker's stock worth $863,000 after acquiring an additional 15,213 shares during the last quarter. Finally, Ieq Capital LLC lifted its position in shares of Rivian Automotive by 6.7% in the fourth quarter. Ieq Capital LLC now owns 101,585 shares of the electric vehicle automaker's stock valued at $1,351,000 after acquiring an additional 6,344 shares in the last quarter. 66.25% of the stock is currently 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.