Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.3% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 1.3% on Friday . The company traded as low as $15.40 and last traded at $15.70. Approximately 8,469,846 shares traded hands during trading, a decline of 77% from the average daily volume of 36,234,734 shares. The stock had previously closed at $15.91.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RIVN shares. Sanford C. Bernstein started coverage on shares of Rivian Automotive in a research note on Wednesday, January 29th. They issued an "underperform" rating and a $6.10 price target for the company. Wedbush dropped their target price on Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Benchmark reaffirmed a "buy" rating and set a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Mizuho lifted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Piper Sandler upped their price objective on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $14.33.

Rivian Automotive Stock Down 1.7%

The business has a 50-day simple moving average of $13.09 and a two-hundred day simple moving average of $12.79. The stock has a market capitalization of $17.38 billion, a P/E ratio of -3.26 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 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 for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. During the same period in the prior year, the business posted ($1.48) earnings per share. The business's revenue was up 3.0% compared to the same quarter last year. Equities research analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.39, for a total value 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. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the completion of the transaction, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 384,265 shares of company stock worth $5,201,750 over the last ninety days. Corporate insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,741,001 shares of the electric vehicle automaker's stock worth $63,055,000 after acquiring an additional 133,781 shares during the last quarter. Twinbeech Capital LP acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $29,944,000. Mountain Hill Investment Partners Corp. acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $1,363,000. Groupama Asset Managment acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $26,600,000. Finally, SG Americas Securities LLC lifted its holdings in Rivian Automotive by 42.7% in the fourth quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock valued at $2,404,000 after buying an additional 54,053 shares during the period. 66.25% of the stock is owned by 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.