Rivian Automotive (NASDAQ:RIVN) Trading Down 1.7% - Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) dropped 1.7% during mid-day trading on Wednesday . The stock traded as low as $16.68 and last traded at $16.64. Approximately 12,068,350 shares were traded during trading, a decline of 67% from the average daily volume of 36,197,237 shares. The stock had previously closed at $16.92.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Guggenheim reissued a "buy" rating and set a $16.00 price target on shares of Rivian Automotive in a research note on Tuesday, May 6th. Benchmark restated a "buy" rating and issued a $18.00 price objective on shares of Rivian Automotive in a report on Tuesday, March 18th. Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, Piper Sandler downgraded shares of Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive presently has an average rating of "Hold" and an average price target of $14.24.

Rivian Automotive Stock Down 3.3%

The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $18.51 billion, a P/E ratio of -3.45 and a beta of 1.86. The firm's fifty day moving average is $12.62 and its 200-day moving average is $12.60.

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

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the sale, the chief executive officer now directly owns 1,483,111 shares of the company's stock, valued at $22,617,442.75. This represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 17,185 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now owns 824,875 shares of the company's stock, valued at $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 384,265 shares of company stock valued at $5,201,750 in the last ninety days. 2.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its position in Rivian Automotive by 57.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 5,107 shares of the electric vehicle automaker's stock valued at $64,000 after buying an additional 1,856 shares in the last quarter. Belpointe Asset Management LLC increased its position in Rivian Automotive by 9.0% in the first quarter. Belpointe Asset Management LLC now owns 19,225 shares of the electric vehicle automaker's stock worth $239,000 after buying an additional 1,581 shares in the last quarter. Intech Investment Management LLC raised its stake in Rivian Automotive by 522.0% during the 1st quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker's stock worth $4,370,000 after acquiring an additional 294,539 shares during the period. Focus Partners Wealth boosted its stake in shares of Rivian Automotive by 29.0% in the first quarter. Focus Partners Wealth now owns 64,534 shares of the electric vehicle automaker's stock worth $803,000 after acquiring an additional 14,497 shares during the period. Finally, Bayforest Capital Ltd bought a new stake in Rivian Automotive during the 1st quarter valued at approximately $1,229,000. 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.

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