Rivian Automotive (NASDAQ:RIVN) Trading Down 2.8% - Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) fell 2.8% during trading on Tuesday . The company traded as low as $14.87 and last traded at $15.20. 15,015,278 shares were traded during mid-day trading, a decline of 59% from the average session volume of 36,244,359 shares. The stock had previously closed at $15.63.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RIVN. TD Cowen began coverage on shares of Rivian Automotive in a research note on Friday, March 7th. They issued a "hold" rating and a $12.70 price target for the company. UBS Group lifted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Wedbush reduced their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $13.00 to $10.00 in a research note on Monday, February 24th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $14.33.

Rivian Automotive Price Performance

The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $16.34 billion, a PE ratio of -3.06 and a beta of 1.86. The firm's fifty day simple moving average is $13.27 and its two-hundred day simple moving average is $12.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same quarter in the previous year, the firm earned ($1.48) earnings per share. The company's quarterly revenue was up 3.0% compared to the same quarter last year. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $11.82, for a total value of $844,290.78. Following the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at approximately $10,082,590.02. The trade was a 7.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer now directly owns 824,875 shares in the company, valued at $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 384,265 shares of company stock valued at $5,201,750. 2.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds have recently modified their holdings of the stock. Capital International Investors purchased a new stake in Rivian Automotive during the fourth quarter valued at $144,030,000. Norges Bank purchased a new stake in Rivian Automotive during the fourth quarter valued at $123,308,000. Vanguard Group Inc. raised its stake in Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Northern Trust Corp raised its stake in Rivian Automotive by 68.5% during the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Rivian Automotive during the first quarter valued at $33,582,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

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.