Rivian Automotive (NASDAQ:RIVN) Shares Down 2.6% - Should You Sell?

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) were down 2.6% during mid-day trading on Wednesday . The company traded as low as $12.87 and last traded at $13.13. 16,888,079 shares were traded during trading, a decline of 50% from the average daily volume of 33,920,795 shares. The stock had previously closed at $13.47.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RIVN. Guggenheim reaffirmed a "buy" rating and issued a $16.00 price target on shares of Rivian Automotive in a report on Tuesday, May 6th. Mizuho lifted their target price on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Benchmark reissued a "buy" rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. The Goldman Sachs Group cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Wedbush lowered their target price 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 research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Rivian Automotive has a consensus rating of "Hold" and a consensus price target of $14.38.

Rivian Automotive Stock Performance

The company has a market cap of $14.80 billion, a P/E ratio of -3.52 and a beta of 1.81. The company's fifty day moving average is $14.23 and its 200 day moving average is $13.14. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The company's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned ($1.48) earnings per share. As a group, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,428 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer owned 1,483,111 shares in the company, valued at approximately $22,780,584.96. The trade was a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the sale, the chief financial officer directly owned 824,875 shares of the company's stock, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 312,836 shares of company stock valued at $4,357,459 over the last 90 days. 2.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors have recently added to or reduced their stakes in RIVN. PFS Partners LLC boosted its holdings in shares of Rivian Automotive by 1,882.0% during the first 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 period. Banque Transatlantique SA raised its position in Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Rivian Automotive in the 4th quarter worth approximately $34,000. WPG Advisers LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $34,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Rivian Automotive in the 1st quarter worth approximately $37,000. 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.