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

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were down 1.3% during trading on Friday . The stock traded as low as $15.40 and last traded at $15.70. Approximately 8,469,846 shares changed 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.

Analysts Set New Price Targets

A number of research firms have weighed in on RIVN. Bank of America cut shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Benchmark restated a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Piper Sandler upped their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Rivian Automotive has an average rating of "Hold" and an average price target of $14.33.

Rivian Automotive Stock Performance

The stock has a 50-day moving average of $12.83 and a 200 day moving average of $12.66. The stock has a market cap of $17.67 billion, a PE ratio of -3.31 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 issued its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. During the same period last year, the company earned ($1.48) EPS. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Equities analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 9,937 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total transaction of $149,055.00. Following the transaction, the chief financial officer now directly owns 851,637 shares of the company's stock, valued at approximately $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 384,265 shares of company stock valued at $5,201,750. 2.16% of the stock is currently owned by company insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. Larson Financial Group LLC boosted its holdings in Rivian Automotive by 7.4% in the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Rivian Automotive by 2.4% in the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after buying an additional 772 shares in the last quarter. First National Trust Co grew its position in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker's stock valued at $199,000 after buying an additional 800 shares during the last quarter. Dimension Capital Management LLC raised its stake in Rivian Automotive by 5.5% during the 4th quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after acquiring an additional 819 shares in the last quarter. Finally, Tradition Wealth Management LLC lifted its position in Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock valued at $168,000 after acquiring an additional 849 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

About Rivian Automotive

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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