Rivian Automotive (NASDAQ:RIVN) Shares Down 1% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 1% during mid-day trading on Friday . The stock 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on RIVN. Bank of America lowered Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. JPMorgan Chase & Co. decreased their price target on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Guggenheim reissued a "buy" rating and issued a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday, May 6th. Needham & Company LLC reduced their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Benchmark reiterated a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a report on Tuesday, March 18th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $14.33.

Rivian Automotive Price Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The stock has a market capitalization of $15.39 billion, a price-to-earnings ratio of -3.67 and a beta of 1.86. The stock's 50 day simple moving average is $13.85 and its 200-day simple moving average is $13.14.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) 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 analyst estimates of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. Rivian Automotive's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.48) EPS. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer now owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 9,937 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was 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 of the company's stock, valued at $12,774,555. The trade was a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 384,265 shares of company stock valued at $5,201,750 over the last quarter. Insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RIVN. Charles Schwab Investment Management Inc. boosted its holdings in Rivian Automotive by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock valued at $63,055,000 after acquiring an additional 133,781 shares during the period. Twinbeech Capital LP acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $29,944,000. Mountain Hill Investment Partners Corp. acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $1,363,000. Groupama Asset Managment acquired a new stake in Rivian Automotive in the 4th quarter valued at approximately $26,600,000. Finally, KLP Kapitalforvaltning AS bought a new position in Rivian Automotive in the 4th quarter worth approximately $10,448,000. 66.25% of the stock is currently 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.

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