Rivian Automotive (NASDAQ:RIVN) Stock Price Down 2.1% - Should You Sell?

Key Points

• Rivian Automotive's stock price fell by 2.1% to $13.29 during mid-day trading, with trading volume declining significantly to about 11.5 million shares.
• Analysts maintain a mixed outlook on Rivian, with five analysts rating it as a Buy, eighteen as Hold, and three as Sell, while the average price target stands at $13.69.
• In its latest earnings report, Rivian posted a loss per share of ($0.97), missing estimates, although revenue increased by 12.5% year-over-year to $1.30 billion.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was down 2.1% during mid-day trading on Tuesday . The stock traded as low as $12.98 and last traded at $13.29. Approximately 11,498,044 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 33,733,980 shares. The stock had previously closed at $13.57.

Analysts Set New Price Targets

Several analysts recently issued reports on RIVN shares. Needham & Company LLC reissued a "buy" rating and issued a $14.00 price target on shares of Rivian Automotive in a report on Monday, August 25th. Piper Sandler raised their price target on Rivian Automotive from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, May 22nd. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Stifel Nicolaus lowered their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 14th. 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 company's stock. According to MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $13.69.

Rivian Automotive Stock Up 2.7%

The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $16.91 billion, a price-to-earnings ratio of -4.31 and a beta of 1.81. The stock has a fifty day moving average of $12.97 and a 200-day moving average of $12.96.

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

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares of the company's stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Rivian Automotive by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 79,076,202 shares of the electric vehicle automaker's stock valued at $1,086,507,000 after acquiring an additional 1,983,509 shares in the last quarter. Geode Capital Management LLC boosted its position in Rivian Automotive by 4.9% in the 2nd quarter. Geode Capital Management LLC now owns 14,614,204 shares of the electric vehicle automaker's stock valued at $200,200,000 after buying an additional 689,045 shares during the last quarter. Soma Equity Partners LP boosted its position in Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after buying an additional 1,407,772 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Rivian Automotive by 11.2% in the 1st quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker's stock valued at $100,195,000 after purchasing an additional 809,064 shares during the period. Finally, Norges Bank acquired a new position in shares of Rivian Automotive in the 2nd quarter valued at $105,629,000. Institutional investors 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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