Rivian Automotive (NASDAQ:RIVN) Trading Down 2.8% - Should You Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) shares were down 2.8% on Monday . The company traded as low as $12.55 and last traded at $12.67. Approximately 10,535,039 shares changed hands during trading, a decline of 68% from the average daily volume of 32,781,613 shares. The stock had previously closed at $13.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RIVN shares. Wells Fargo & Company cut their price target on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Jefferies Financial Group reaffirmed a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Mizuho raised their price target on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Needham & Company LLC cut their price target on Rivian Automotive from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Finally, Robert W. Baird cut their price objective on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $14.38.

Rivian Automotive Trading Down 2.1%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company has a 50-day simple moving average of $14.19 and a 200 day simple moving average of $13.10. The company has a market capitalization of $14.42 billion, a P/E ratio of -3.43 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last issued its quarterly earnings results 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 return on equity of 60.64% and a negative net margin of 76.83%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $981.52 million. During the same period in the previous year, the business posted ($1.48) EPS. The company's revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total transaction of $1,097,134.08. Following the sale, the chief executive officer owned 1,483,111 shares of the company's stock, valued at approximately $22,780,584.96. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was 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 in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,407 shares of company stock worth $3,553,883 in the last three months. 2.16% of the stock is owned by insiders.

Institutional Trading of Rivian Automotive

Several institutional investors have recently modified their holdings of the company. Capital International Investors acquired a new stake in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank acquired a new stake in Rivian Automotive in the 4th quarter valued at $123,308,000. Vanguard Group Inc. boosted its stake in 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 buying an additional 5,610,688 shares in the last quarter. Northern Trust Corp boosted its stake in 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 buying an additional 2,941,928 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Rivian Automotive in the 1st quarter valued at $33,582,000. Institutional investors and hedge funds own 66.25% of the company's stock.

About Rivian Automotive

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.