Rivian Automotive (NASDAQ:RIVN) Trading Down 2.2% - Time to Sell?

Key Points

• Shares of Rivian Automotive (NASDAQ:RIVN) fell by 2.2%, with trading volumes significantly up from the average.
• Research analysts have mixed sentiments; the consensus rating is a "Hold" with a price target averaging around $13.85.
• In recent insider trading, CFO and CEO sold portions of their stock, indicating a decrease in their holdings.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares traded down 2.2% during trading on Monday . The company traded as low as $15.00 and last traded at $15.25. 45,878,303 shares traded hands during mid-day trading, an increase of 27% from the average session volume of 36,105,906 shares. The stock had previously closed at $15.59.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus dropped their target price on Rivian Automotive from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. UBS Group dropped their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Needham & Company LLC restated a "buy" rating and issued a $14.00 price objective on shares of Rivian Automotive in a report on Monday, August 25th. Finally, Mizuho lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "neutral" rating in a report on Tuesday, September 23rd. Five research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $13.85.

Rivian Automotive Price Performance

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 cap of $18.50 billion, a P/E ratio of -4.72 and a beta of 1.81. The company has a fifty day moving average price of $13.44 and a two-hundred day moving average price of $13.29.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm earned ($1.46) EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. Equities analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity

In related news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the sale, the chief financial officer owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 17,450 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. This represents a 1.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last quarter. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased its position in shares of Rivian Automotive by 3.3% during the 2nd quarter. Corient Private Wealth LLC now owns 47,963 shares of the electric vehicle automaker's stock worth $659,000 after purchasing an additional 1,522 shares during the last quarter. Watts Gwilliam & Co. LLC acquired a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $157,000. Orion Porfolio Solutions LLC increased its position in shares of Rivian Automotive by 84.0% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 32,815 shares of the electric vehicle automaker's stock worth $451,000 after purchasing an additional 14,977 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH acquired a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $859,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $469,000. Institutional investors and hedge funds 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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