Rivian Automotive (NASDAQ:RIVN) Stock Price Down 1.6% - Should You Sell?

Key Points

• Rivian Automotive's stock price fell 1.6% during mid-day trading, with a notable decline in trading volume of 67% from its average daily volume.
• Recent analyst reports present mixed views, with several firms lowering their target prices while others maintain a "buy" rating; the current average rating for the stock is "Hold".
• The company reported a significant quarterly loss of ($0.97) EPS, missing estimates, though it showed a year-over-year revenue growth of 12.5%.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares dropped 1.6% during mid-day trading on Friday . The company traded as low as $13.31 and last traded at $13.42. Approximately 11,067,305 shares were traded during trading, a decline of 67% from the average daily volume of 33,691,988 shares. The stock had previously closed at $13.64.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent analyst reports. Wells Fargo & Company reduced their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC restated a "buy" rating and set a $14.00 target price on shares of Rivian Automotive in a report on Monday. Wall Street Zen cut Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Stifel Nicolaus reduced their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Wedbush dropped their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $13.69.

Rivian Automotive Trading Down 1.1%

The business has a fifty day simple moving average of $12.98 and a 200-day simple moving average of $12.95. The firm has a market cap of $16.36 billion, a price-to-earnings ratio of -4.17 and a beta of 1.80. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) EPS for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm posted ($1.46) EPS. The company's quarterly revenue was up 12.5% on a year-over-year basis. As a group, equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.16% of the company's stock.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas purchased a new stake in shares of Rivian Automotive in the first quarter worth approximately $1,382,000. Twinbeech Capital LP purchased a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $29,944,000. Caisse Des Depots ET Consignations purchased a new stake in shares of Rivian Automotive during the first quarter valued at approximately $2,807,000. Ethos Financial Group LLC purchased a new stake in shares of Rivian Automotive during the first quarter valued at approximately $311,000. Finally, Mmbg Investment Advisors CO. purchased a new stake in shares of Rivian Automotive during the first quarter valued at approximately $274,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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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