Rivian Automotive (NASDAQ:RIVN) Stock Price Down 3.9% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s share price dropped 3.9% on Monday . The company traded as low as $13.89 and last traded at $13.97. Approximately 9,063,871 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 36,199,124 shares. The stock had previously closed at $14.53.

Wall Street Analyst Weigh In

RIVN has been the topic of a number of research reports. TD Cowen initiated 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 on the stock. Needham & Company LLC decreased their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. JPMorgan Chase & Co. decreased their price target on shares of Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Wedbush decreased their price target on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have assigned 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 Trading Down 1.6%

The business's 50-day simple moving average is $13.37 and its two-hundred day simple moving average is $12.93. 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 capitalization of $15.58 billion, a price-to-earnings ratio of -2.92 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $981.52 million. During the same period in the prior year, the business posted ($1.48) EPS. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts forecast that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

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

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently modified their holdings of RIVN. Capital International Investors purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $144,030,000. Norges Bank purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Vanguard Group Inc. increased its position in shares of Rivian Automotive by 7.8% in the 1st 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 during the last quarter. Northern Trust Corp increased its position in shares of Rivian Automotive by 68.5% in the 4th 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 during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Rivian Automotive in the 1st quarter valued at approximately $33,582,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

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.