Rivian Automotive (NASDAQ:RIVN) Trading Down 2% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 2% during mid-day trading on Friday . The company traded as low as $13.61 and last traded at $13.64. 5,755,855 shares traded hands during trading, a decline of 83% from the average session volume of 34,603,471 shares. The stock had previously closed at $13.91.

Wall Street Analysts Forecast Growth

Several research firms have commented on RIVN. Cowen began coverage on Rivian Automotive in a research note on Thursday, March 6th. They set a "hold" rating for the company. Jefferies Financial Group reissued a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. Stifel Nicolaus increased their price target on Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Mizuho lifted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company cut their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $14.38.

Rivian Automotive Trading Up 1.0%

The business's 50-day simple moving average is $14.09 and its two-hundred day simple moving average is $13.16. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $15.54 billion, a PE ratio of -3.69 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm 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 business posted ($1.48) earnings per share. Rivian Automotive's revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction 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 completion of the sale, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the sale, the chief financial officer directly owned 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 312,836 shares of company stock worth $4,357,459. 2.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of institutional investors have recently modified their holdings of RIVN. PFS Partners LLC increased its holdings in Rivian Automotive by 1,882.0% in the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock valued at $25,000 after buying an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its position in shares of Rivian Automotive by 13,194.1% in the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock worth $26,000 after acquiring an additional 2,243 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $34,000. WPG Advisers LLC bought a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $34,000. Finally, Olde Wealth Management LLC acquired a new stake in shares of Rivian Automotive during the 1st quarter valued at approximately $37,000. 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.