Rivian Automotive (NASDAQ:RIVN) Shares Down 5.7% - Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report)'s stock price was down 5.7% during mid-day trading on Monday . The company traded as low as $10.92 and last traded at $10.94. Approximately 7,227,666 shares traded hands during trading, a decline of 80% from the average daily volume of 36,543,222 shares. The stock had previously closed at $11.60.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RIVN shares. Guggenheim cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a report on Monday, February 24th. Mizuho cut their target price on shares of Rivian Automotive from $11.00 to $10.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Bank of America lowered shares of Rivian Automotive from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $13.00 to $10.00 in a research report on Monday, February 24th. TD Cowen started coverage on Rivian Automotive in a research report on Friday, March 7th. They set a "hold" rating and a $12.70 price objective for the company. Finally, Robert W. Baird reduced their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of "Hold" and a consensus price target of $14.08.

Rivian Automotive Stock 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 stock has a market cap of $14.27 billion, a P/E ratio of -2.67 and a beta of 1.89. The firm's 50-day moving average is $11.71 and its two-hundred day moving average is $12.11.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. As a group, research analysts expect that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive 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 transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company's stock, valued at $10,082,590.02. The trade was a 7.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now owns 335,076 shares of the company's stock, valued at $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,427 shares of company stock valued at $2,154,905. Corporate insiders own 2.51% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Tandem Financial LLC bought a new position in Rivian Automotive during the fourth quarter worth $25,000. PFS Partners LLC grew its position in Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive during the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Rivian Automotive during the third quarter valued at about $28,000. Finally, Orion Capital Management LLC bought a new stake in shares of Rivian Automotive in the fourth quarter valued at about $34,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.