Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.2% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares fell 1.2% during mid-day trading on Thursday . The company traded as low as $13.90 and last traded at $14.03. 5,350,489 shares traded hands during trading, a decline of 85% from the average session volume of 36,119,804 shares. The stock had previously closed at $14.20.

Wall Street Analyst Weigh In

Several brokerages recently commented on RIVN. Stifel Nicolaus upped their target price on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Mizuho boosted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Needham & Company LLC decreased 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 report on Wednesday, May 7th. Jefferies Financial Group reissued a "hold" rating and set a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $14.33.

Rivian Automotive Price Performance

The stock has a market capitalization of $15.15 billion, a P/E ratio of -2.84 and a beta of 1.86. The business has a fifty day simple moving average of $13.62 and a 200 day simple moving average of $13.09. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the prior year, the company posted ($1.48) earnings per share. Rivian Automotive's revenue was up 3.0% compared to the same quarter last year. On average, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 107,144 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the completion of the transaction, the chief executive officer now owns 1,483,111 shares in the company, valued at approximately $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now directly owns 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock worth $5,201,750 in the last quarter. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in RIVN. Charles Schwab Investment Management Inc. boosted its stake in shares of Rivian Automotive by 2.9% during the 4th 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 purchasing an additional 133,781 shares in the last quarter. Twinbeech Capital LP purchased a new stake in Rivian Automotive in the fourth quarter worth approximately $29,944,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Rivian Automotive in the 4th quarter worth $1,363,000. Groupama Asset Managment purchased a new position in Rivian Automotive in the fourth quarter worth about $26,600,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Rivian Automotive during the 4th quarter valued at $10,448,000. 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.